Key Points
Mumbai: Pune-based Ashdan Properties has emerged as the frontrunner for the debt-laden Rolta India, beating unsolicited offers from Patanjali Ayurved and Welspun Group's MGN Agro Properties after multiple rounds of bidding and legal twists in the debt resolution of the defence-focused software company...
Ashdan made a 850-crore cash offer to creditors, beating bids by Patanjali and MGN, following which the committee of creditors (CoC) decided not to go ahead with another round of bidding, people familiar with the matter said.. "Ashdan had challenged the NCLT order in February allowing new bidders time to submit a formal expression of interest..
As the hearing at NCLAT was going on, Ashdan upped its offer following which the CoC filed an affidavit in court saying that in the interest of time, no new plans will be entertained..
In February, the Mumbai bench of the National Company Law Tribunal (NCLT) had allowed lenders to seek rebids for Rolta following a plea by Baba Ramdev's Patanjali Ayurved to make an offer for the company after the deadline for submitting fresh bids lapsed...
"Neither Patanjali nor the other two applicants who subsequently filed applications were included in the list of prospective resolution applicants (PRAs), hence, there was no occasion to issue direction to the CoC to consider their resolution plan," Ashdan had said in its plea citing Section 39(1)(b) of the bankruptcy code...
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