The case involves a civil appeal concerning the insolvency resolution of Amtek Auto Limited. A resolution plan prepared by the Committee of Creditors (CoC) had failed due to non-fulfillment of commitments by Liberty House, consuming available time under Section 12 of the Insolvency and Bankruptcy Code, 2016. The court considered the third proviso of the Amendment Bill, 2019, which allows completion of the resolution process within 90 days from the commencement of the Amendment Act.
The Committee of Creditors of Amtek Auto Limited initiated a corporate insolvency resolution process. A resolution plan was prepared but failed due to non-fulfillment of commitments by Liberty House. This failure consumed time allocated under Section 12 of the Insolvency and Bankruptcy Code, 2016. The Amendment Bill, 2019, introduced a 90-day timeline for completing the resolution process. The court considered this amendment and a previous decision in 'Arcelormittal India Pvt. Ltd Vs. Satish Kumar Gupta and Ors.' The court then permitted the Resolution Professional to invite fresh offers within 21 days, with the Committee of Creditors to make a final decision within two weeks and present it to the court.
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The Amendment Bill, 2019, came into effect,…
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The case involves a civil appeal concerning the insolvency resolution of Amtek Auto Limited. A resolution plan prepared by the Committee of Creditors (CoC) had failed due to non-fulfillment of commitments by Liberty House, consuming available time under Section 12 of the Insolvency and Bankruptcy Code, 2016. The court considered the third proviso of the Amendment Bill, 2019, which allows completion of the resolution process within 90 days from the commencement of the Amendment Act.
The Committee of Creditors of Amtek Auto Limited initiated a corporate insolvency resolution process. A resolution plan was prepared but failed due to non-fulfillment of commitments by Liberty House. This failure consumed time allocated under Section 12 of the Insolvency and Bankruptcy Code, 2016. The Amendment Bill, 2019, introduced a 90-day timeline for completing the resolution process. The court considered this amendment and a previous decision in 'Arcelormittal India Pvt. Ltd Vs. Satish Kumar Gupta and Ors.' The court then permitted the Resolution Professional to invite fresh offers within 21 days, with the Committee of Creditors to make a final decision within two weeks and present it to the court.
The Amendment Bill, 2019, came into effect,…
The appeals were called…
Sign in to view related legal provisions.