NCLAT rejects telecom dept's plea in Rolta insolvency, upholds Rs.900-crore resolution plan
New Delhi, July 30 -- The National Company Law Appellate Tribunal (NCLAT) on Thursday rejected the Centre's plea seeking to recover admitted claims of Rs.179.19 crore from bankrupt technology company Rolta India, delivering a setback to the Department of Telecommunications (DoT).
A Delhi bench of the NCLAT upheld the National Company Law Tribunal's (Mumbai bench) approval of the Rs.900-crore resolution plan submitted by Ashdan Properties, the successful bidder acquiring Rolta India. Under the approved plan, the DoT is treated as an operational creditor and allocated just Rs.10 lakh. "The appeal is dismissed," the NCLAT bench said while pronouncing the order. The detailed written judgement is awaited.
The DoT had originally claimed about...
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