The case involves applications (CA No. 567/2018 and CA No. 601/2018) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of Amtek Auto Limited. Corporation Bank, as a financial creditor, initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC). The resolution plan submitted by Liberty House Group Pte Ltd (LHG) was approved, but LHG allegedly failed to implement the plan's terms. The Committee of Creditors (CoC) sought reinstatement to run the corporate debtor and grant time for a fresh resolution process. LHG contested the allegations, claiming misrepresentation and irregularities in the information provided during the CIRP. The core issue revolves around LHG's failure to meet financial commitments under the approved
…Corporation Bank initiated CIRP against Amtek Auto Limited under Section 7 of IBC due to payment defaults. The petition was admitted on 2017-07-24, imposing a moratorium. Mr. Dinkar T. Venkatasubramanian was appointed as Interim Resolution Professional and later confirmed as Resolution Professional. Liberty House Group Pte Ltd (LHG) submitted a resolution plan approved by the Tribunal on 2018-07-25. LHG allegedly failed to honor its commitments, including upfront payment of INR 3,310 Crores and infusion of INR 350 Crores. LHG also failed to furnish a performance guarantee of ₹100 Crore and create an escrow equivalent to 15% of the upfront cash pay-out. Corporation Bank invoked the bid bond guarantee, leading LHG to file a civil suit seeking an injunction. LHG claimed
…Sign in to view the parties.
Corporation Bank's petition under Section 7 of…
Mr. Dinkar T.…
The case involves applications (CA No. 567/2018 and CA No. 601/2018) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of Amtek Auto Limited. Corporation Bank, as a financial creditor, initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC). The resolution plan submitted by Liberty House Group Pte Ltd (LHG) was approved, but LHG allegedly failed to implement the plan's terms. The Committee of Creditors (CoC) sought reinstatement to run the corporate debtor and grant time for a fresh resolution process. LHG contested the allegations, claiming misrepresentation and irregularities in the information provided during the CIRP. The core issue revolves around LHG's failure to meet financial commitments under the approved
…Corporation Bank initiated CIRP against Amtek Auto Limited under Section 7 of IBC due to payment defaults. The petition was admitted on 2017-07-24, imposing a moratorium. Mr. Dinkar T. Venkatasubramanian was appointed as Interim Resolution Professional and later confirmed as Resolution Professional. Liberty House Group Pte Ltd (LHG) submitted a resolution plan approved by the Tribunal on 2018-07-25. LHG allegedly failed to honor its commitments, including upfront payment of INR 3,310 Crores and infusion of INR 350 Crores. LHG also failed to furnish a performance guarantee of ₹100 Crore and create an escrow equivalent to 15% of the upfront cash pay-out. Corporation Bank invoked the bid bond guarantee, leading LHG to file a civil suit seeking an injunction. LHG claimed
…Corporation Bank's petition under Section 7 of…
Mr. Dinkar T.…