Mumbai-based Yash Shares (Yash Shares and Stock Private Limited) has proposed to beat Ashdan Properties Private Limited?s INR 8.51 billion bid for Rolta India Limited (NSEI:ROLTA) in an unsolicited offer to bankers, a development that has come as yet another twist to the case of the Mumbai-based software company which was admitted to the bankruptcy process in January last year. Yash Shares, which was among the initial nine applicants to take over the company in November, approached lenders with a revised offer a few days ago, said four people familiar with the matter. Though its offer has not been opened, Pune-based Ashdan Properties, which was so far the highest bidder, approached the National Company Law Tribunal (NCLT) and urged its intervention in not allowing a late bid.

?Yash?s offer is a surprise given that it was not among the top bidders in the initial round. The court heard Ashdan and Yash in an urgent hearing on April 24, 2024 and reserved its order. Creditors will do what is directed by the court,?

said one of the persons, who did not wish to be identified. ET?s queries to resolution professional Mamta Binani and lead lender Union Bank of India (NSEI:UNIONBANK) did not elicit response till press time. ?It is unclear whether Yash is bidding on behalf of someone else.

But since it was part of the initial applicants, it was within its rights to improve its offer,? said a second person. ?So far it has said it will substantially increase its offer.

From the creditors? perspective, they would like to maximise value but they also cannot afford to compromise the process.? Rolta India, a defence-focused software company, owes banks led by Union Bank of India (UBI) INR 71.00 billion and another INR 66.99 billion to unsecured foreign bond holders led by Citigroup, with a total debt of close to INR 140.00 billion.

This is the second attempt to find a buyer for Rolta India after the initial process received only one bid in 2022. Though the company?s software has little or no value, bidders are eyeing the three buildings in Mumbai's Santacruz Electronics Export Processing Zone area, a land parcel in Kolkata and a few flats in Mumbai which are kept as collateral with banks. Ashdan Properties had emerged as the front runner, beating unsolicited offers from Patanjali Ayurved Limited & Welspun Group?s MGN Agro Properties Private Limited.