# In the matter of Amtek Auto Limited CA No. 293/2018, IA Nos. 7,62,222,225 & 237-2020 in CP (IB) No. 42-Chd-Hry-2017

> NCLT judgment dated 2020-07-09. Citation: TCN-2020-NCLT-01051. The case involves multiple applications (CA No. 293/2018, IA Nos. 7/2020, 62/2020, 222/2020,…

- **Court:** NCLT
- **Order date:** 9 Jul 2020
- **Citation:** TCN-2020-NCLT-01051
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amtek-auto-limited-ca-no-2932018-ia-nos-762222225-237-2020-in-cp-ib-no-42-chd-hr-57199678

## Summary

### Background

The case involves multiple applications (CA No. 293/2018, IA Nos. 7/2020, 62/2020, 222/2020, 225/2020 & 237/2020) filed in CP(IB) No. 42/Chd/Hry/2017 concerning the Corporate Insolvency Resolution Process (CIRP) of Amtek Auto Limited. The CIRP was initiated by Corporation Bank (now Union Bank of India) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted CP(IB) No.42 of 2017 on 24.07.2017, initiating CIRP against Amtek Auto Limited. Dinkar T. Venkatsubramanian was appointed as the Interim Resolution Professional and later as the Resolution Professional. The Committee of Creditors (CoC) was constituted on 17.08.2017. The resolution plan of Liberty Housing Group (LHG) was initially approved but later deemed incapable of

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## Facts

Corporation Bank initiated CIRP against Amtek Auto Limited due to unpaid debts. Dinkar T. Venkatsubramanian was appointed as the Resolution Professional. The Committee of Creditors (CoC) was formed. Liberty Housing Group's (LHG) resolution plan was initially approved but failed. The Supreme Court directed fresh offers. Deccan Value Investors (DVI) submitted a resolution plan, approved by the CoC with 70.07% votes. Various IAs were filed, including by Kind Special Steels (India) Private Limited, M/s Neha Associates, Vistra ITCL (India) Limited, and Corporation Bank, seeking various reliefs related to claim admissibility, CoC inclusion, and plan modification. Vistra ITCL claimed secured creditor status based on a security trustee agreement. Gateway Impex Private Limited

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## Issues and analysis

### Issue 1: Whether the claim of Kind Special Steels (India) Private Limited, an operational creditor, should …

**Ratio:** The Hon'ble Supreme Court in Committee of Creditors of Essar Steel India Limited held

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**Reasoning:** The Adjudicating Authority noted that the applicant's prayer to revise and ascertain the

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**Interpretation:** The judgment emphasizes the finality of the resolution plan and the need for

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**Application:** The Adjudicating Authority dismissed the application, holding that the claim

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Corporatio…
- **Respondents:** Amtek Auto…
- **Advocates:** Sumant…; Sanjay…; +10 more

## Timeline

- **2017-07-24 — Admission of CP(IB)…**: Adjudicating Authority admitted CP(IB) No.42 of 2017, initiating CIRP against Amtek Auto…
- **2017-07-27 — Appointment…**: Dinkar T. Venkatsubramanian was appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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