The dedicated bankruptcy court dismissed the plea for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the IT firm Rolta India on Tuesday, observing that the court could not ignore the substantial claims of Financial Creditors because of the purported settlement of employees of the company.
One of Rolta Indias employees had filed a petition under CIRP at the Mumbai bench of the National Company Law Tribunal (NCLT) after the company failed to clear his dues. However, the promoter of the company approached the tribunal for the withdrawal of the CIRP process after settling the dues of the petitioner employee.
The Bench has no doubt in its mind that considering that CIRP proceedings are in rem, the substantial claim…
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