The case revolves around an application (C.A. No. 119/2019) filed by the Insolvency Professional (IP) of Amtek Auto Limited, Mr. Dinkar T. Venkatasubramanian, seeking to secure a Bid Bond Guarantee (BBG) of Rs. 50 crore. The IP alleged that Liberty House Group Pte Ltd. (Respondent No. 1), in collusion with Barclays Bank PLC (Respondent No. 2), committed fraud by altering the terms of the BBG, specifically by removing the word 'not' from a critical clause, thereby making the BBG enforceable only if the Letter of Intent (LoI) was signed, which it was not. This alteration allegedly prejudiced the Committee of Creditors (CoC). The CoC approved a resolution plan submitted by Liberty House Group, but the plan's implementation was delayed due to Liberty House's inability to
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Amtek Auto Limited following an application by Corporation Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC). Dinkar T. Venkatasubramanian was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) approved a resolution plan submitted by Liberty House Group Pte Ltd. As a pre-condition for submitting a binding offer, prospective resolution applicants (PRAs) were required to submit a Bid Bond Guarantee (BBG) of Rs. 50 crore in favor of Corporation Bank. The RP provided a format for the BBG, which Liberty House suggested variations to. A final format was circulated by Simon Nasta, Group General
…Sign in to view the parties.
The Adjudicating Authority admitted the…
Dinkar T. Venkatasubrama…
The case revolves around an application (C.A. No. 119/2019) filed by the Insolvency Professional (IP) of Amtek Auto Limited, Mr. Dinkar T. Venkatasubramanian, seeking to secure a Bid Bond Guarantee (BBG) of Rs. 50 crore. The IP alleged that Liberty House Group Pte Ltd. (Respondent No. 1), in collusion with Barclays Bank PLC (Respondent No. 2), committed fraud by altering the terms of the BBG, specifically by removing the word 'not' from a critical clause, thereby making the BBG enforceable only if the Letter of Intent (LoI) was signed, which it was not. This alteration allegedly prejudiced the Committee of Creditors (CoC). The CoC approved a resolution plan submitted by Liberty House Group, but the plan's implementation was delayed due to Liberty House's inability to
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Amtek Auto Limited following an application by Corporation Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC). Dinkar T. Venkatasubramanian was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) approved a resolution plan submitted by Liberty House Group Pte Ltd. As a pre-condition for submitting a binding offer, prospective resolution applicants (PRAs) were required to submit a Bid Bond Guarantee (BBG) of Rs. 50 crore in favor of Corporation Bank. The RP provided a format for the BBG, which Liberty House suggested variations to. A final format was circulated by Simon Nasta, Group General
…The Adjudicating Authority admitted the…
Dinkar T. Venkatasubrama…