Bank of India Declares Rolta India's ₹6.16 Billion NPA as Fraud

Bank of India has classified Rolta India Limited's non-performing asset (NPA) of ₹6.16 billion as fraud. This development comes as the latest blow to the debt-laden defense-focused software company, which was admitted to bankruptcy proceedings in January 2023. Rolta India owes over ₹14,000 crore to various creditors, including ₹7,100 crore to banks led by Union Bank of India. The fraud declaration may complicate ongoing resolution efforts, including recent bids by Patanjali Ayurved and Ashdan Properties to acquire the company. This move by Bank of India could potentially trigger similar actions from other lenders and impact the bankruptcy proceedings currently underway.

 

Source: Bank of India