More Stories

Informist, Thursday, Jul. 30, 2026

 

--NCLAT nixes govt plea vs Ashdan Properties' INR 9-bln plan for Rolta India

 

NEW DELHI – The National Company Law Appellate Tribunal Thursday rejected the government's plea challenging Ashdan Properties Pvt. Ltd.'s INR 9-billion resolution plan for debt-ridden Rolta India Ltd. The government had said that against its admitted dues of INR 1.80 billion against Rolta India, it had got only INR 1 million as a "token" in Ashdan Properties' resolution plan. This allocation constitutes an illusory recovery of only 0.06% of dues from the debt-ridden company, the government had said.  

 

The government had said that a claim of INR 4.69 billion was made by the Department of Telecommunication in financial year (Apr-Mar) 2005-06 and FY07, of which the resolution professional had admitted INR 1.80 billion. However, the amount given by the successful resolution applicant is just a fraction of its admitted dues and thus the approval to Ashdan Properties's resolution plan is a "grave miscarriage of justice" and "legally untenable", the government said.

 

The tribunal had admitted Union Bank of India's plea to start insolvency proceedings against Rolta India in 2023 for unpaid dues of INR 140.74 billion. The company's other creditors included Bank of Baroda, Bank of India, Canara Bank, and Central Bank of India. Rolta India was a leading service provider of innovative information technology solutions for many vertical segments, including government, defence, utilities, process, power, financial services, manufacturing, retail, and health care.

 

In 1998, the Department of Telecommunication had granted an internet service provider licence to Rolta India to set up and operate internet services in the Mumbai service area for a period of five years. Thereafter, a fresh licence agreement was executed in 2002, in which Rolta India was mandated to pay licence fees based on adjusted gross revenue. However, Rolta India defaulted on licence fee payments, following which the department issued demand notices to the company. After admission of insolvency proceedings against Rolta India, the department had filed its claim of INR 4.69 billion towards the unpaid licence fee. 

 

At 1123 IST, shares of Union Bank of India were down 1.2% at INR 168.97 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.