Bankruptcy court clears Ashdan Properties’ acquisition of military-focused Rolta India

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the acquisition of military-focused software developer Rolta India by Ashdan Properties Pvt. Ltd.

The BSE-listed Rolta India had admitted liabilities of over Rs 14,074 crore, whereas the successful resolution applicant of the company has proposed a Rs 900 crore revival plan for the company.

Before the bankruptcy court’s approval, the secured lenders of Rolta India had approved the revival plan with 100% voting in favour of Ashdan Properties.


Rolta had been admitted into insolvency in January 2023 on a petition filed by Union Bank of India, with claims running into more than Rs 22,500 crore. The company’s lenders include Union Bank of India and Central Bank of India, among others.

Originally, Union Bank of India had approached the tribunal in February 2020 after the Mumbai-based company defaulted on dues of more than Rs 1,413 crore to the lender.

Under the approved plan, Ashdan Properties will infuse Rs 900 crore as an upfront payment within 30 days of the NCLT approval date. Of this, over Rs 808 crore has been earmarked for secured financial creditors, translating into a recovery of around 11.4% of admitted claims. Unsecured financial creditors are set to receive about Rs 64.2 crore.

The tribunal noted that the plan meets all statutory requirements under the IBC, including compliance with Section 29A eligibility norms, and provides for the continuation of the company as a going concern. A monitoring committee comprising lender and resolution applicant representatives will oversee implementation.

“It (resolution plan) shall be binding on the corporate applicant, its employees, members, creditors, including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the resolution plan,” observed the division bench of judicial member Sushil Mahadeorao Kochey and technical member Prabhat Kumar in its order dated December 15.

On December 20, the company informed the stock exchange that, following the approval of the resolution plan, the successful bidder had appointed Yuvraj Goenka, Deepak Chauhan and Nagamallesh Gattu as directors on the board of the company.

“The interim board shall act under the instructions of the monitoring committee until the transfer date as defined under the approved resolution plan,” the company informed in its stock exchange filing.