The record
Written from the 1 report below. Nothing here is unsourced.
- The NCLAT has upheld a ₹900-crore resolution plan by Ashdan Properties for bankrupt Rolta India, rejecting the Department of Telecommunications' plea to recover its full admitted claims of ₹179.19 crore.
- Under the plan, the DoT's dues are treated as operational debt and it will receive only ₹10 lakh, or about 0.06% of its admitted claims.
- Secured financial creditors will recover 11.41% of their claims, while overall recovery from the plan is about 6.39% of admitted claims.
- The ruling settles a licence fee dispute dating back to 1998 and confirms that the government ranks below financial creditors under the Insolvency and Bankruptcy Code.
What to watch next
- The detailed written NCLAT judgement is still awaited
- Whether the DoT seeks further appeal or legal recourse after the dismissal
- Completion of the Ashdan Properties takeover and implementation of the resolution plan
Coverage1
1 report
English national1
All filed from India
Named India · Department of Telecommunications · Rolta India · Ashdan Properties · Mamta Binani · National Company Law Appellate Tribunal · National Company Law Tribunal
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