Rolta first defaulted on foreign currency loans in 2016. After dodging bankruptcy thrice, it finally landed on NCLT table after Union Bank, one of the lenders, filed a petition.
Patanjali Ayurved has made a late bid to acquire debt-laden Rolta India with an all-cash offer of approximately ₹830 crore. This bid comes after Ashdan Properties was declared the highest bidder by banks last week. Patanjali Ayurved approached the National Company Law Tribunal in Mumbai, requesting lenders to consider its offer. The tribunal has put the onus on the committee of creditors to decide whether to entertain the bid since it emerged after the completion of the bidding process.
Ashdan s bid beat eight other bidders including data centre company Cyfuture India and Jai Corp vice chairman Virendra Jain among others after creditors scrutinised the value of bids received.
Pune-based real estate developer Ashdan Properties emerges as the highest bidder to take over the ₹14,000 crore debt of Rolta India with a bid valued at close to ₹760 crore on a net present value (NPV) basis. The bid beats eight other bidders including data centre company Cyfuture India and Jai Corp vice chairman Virendra Jain.
The company received nine bids mostly ranging between ₹500 crore and ₹700 crore to settle the total debt of the company which amounts to ₹14,000 crore, these people said. Jain s bid includes some conditional payments linked to insurance claims filed by Rolta and also recoveries from certain fraudulent transactions by the erstwhile promoters, these people said.