Indian Overseas Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016, to initiate corporate insolvency resolution process against AMW Motors Ltd. The Corporate Debtor faced liquidity constraints due to a slowdown in the automobile component manufacturing industry between 2012 and 2014. They discussed restructuring with bankers, converting part of the debt into equity. The Corporate Debtor proposed a one-time settlement scheme approved by the Joint Lenders Forum on 24.12.2019, requiring payments by 31.03.2020. An agreement with Weichai Group of China to invest USD 154 Million was suspended due to COVID-19 and lockdowns, hindering the OTS
…Indian Overseas Bank (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AMW Motors Ltd. (Corporate Debtor). AMW Motors, incorporated on 19.09.2011, is engaged in manufacturing and sale of automobile components. The Authorised Share Capital of AMW Motors is Rs. 120,00,00,000/-, and the Paid-Up Share Capital is Rs. 108,32,21,330/-. The total debt sanctioned by Indian Overseas Bank amounted to Rs. 401,37,84,666/-, with a default of Rs. 515,34,27,169.91/- as of 26.10.2015. The Credit Facilities were secured by Equitable mortgage of immovable property and hypothecation of Movable Assets and Current Assets. The Corporate Debtor submitted that they faced
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AMW Motors Limited was…
The Corporate Debtor…
Indian Overseas Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016, to initiate corporate insolvency resolution process against AMW Motors Ltd. The Corporate Debtor faced liquidity constraints due to a slowdown in the automobile component manufacturing industry between 2012 and 2014. They discussed restructuring with bankers, converting part of the debt into equity. The Corporate Debtor proposed a one-time settlement scheme approved by the Joint Lenders Forum on 24.12.2019, requiring payments by 31.03.2020. An agreement with Weichai Group of China to invest USD 154 Million was suspended due to COVID-19 and lockdowns, hindering the OTS
…Indian Overseas Bank (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AMW Motors Ltd. (Corporate Debtor). AMW Motors, incorporated on 19.09.2011, is engaged in manufacturing and sale of automobile components. The Authorised Share Capital of AMW Motors is Rs. 120,00,00,000/-, and the Paid-Up Share Capital is Rs. 108,32,21,330/-. The total debt sanctioned by Indian Overseas Bank amounted to Rs. 401,37,84,666/-, with a default of Rs. 515,34,27,169.91/- as of 26.10.2015. The Credit Facilities were secured by Equitable mortgage of immovable property and hypothecation of Movable Assets and Current Assets. The Corporate Debtor submitted that they faced
…AMW Motors Limited was…
The Corporate Debtor…