The Committee of Creditors (COC) of Amtek Auto Limited filed an appeal against an order passed by the National Company Law Appellate Tribunal (NCLAT). The corporate insolvency resolution process was initiated against Amtek Auto Limited on 24.07.2017. A resolution professional was appointed, and resolution plans were invited. Deccan Value Investor LP (DVI) and Liberty House Group Private Limited submitted resolution plans. DVI withdrew its plan, and Liberty's plan was approved by the COC and later by the National Company Law Tribunal (NCLT). However, Liberty failed to act as per the approved resolution plan, leading to further proceedings. The COC filed an application informing the Adjudicating Authority that Liberty failed to act as per the approved Resolution Plan.
…The Committee of Creditors (COC) of Amtek Auto Limited filed an appeal against the NCLAT's order. The corporate insolvency resolution process was initiated against Amtek Auto Limited on 24.07.2017. Resolution plans were invited, and DVI and Liberty submitted plans. DVI withdrew, and Liberty's plan was approved but not implemented. The COC informed the Adjudicating Authority about Liberty's failure. The Adjudicating Authority directed the reconstitution of the COC for reconsideration of DVI's plan. The COC appealed to NCLAT, and fresh applications were invited. DVI submitted a revised plan, but the appellate authority disposed of the appeal and virtually ordered liquidation. The Supreme Court stayed liquidation and permitted fresh offers. DVI's plan was approved by the
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Corporate insolvency…
Resolution Plan submitted by Liberty approved…
The Committee of Creditors (COC) of Amtek Auto Limited filed an appeal against an order passed by the National Company Law Appellate Tribunal (NCLAT). The corporate insolvency resolution process was initiated against Amtek Auto Limited on 24.07.2017. A resolution professional was appointed, and resolution plans were invited. Deccan Value Investor LP (DVI) and Liberty House Group Private Limited submitted resolution plans. DVI withdrew its plan, and Liberty's plan was approved by the COC and later by the National Company Law Tribunal (NCLT). However, Liberty failed to act as per the approved resolution plan, leading to further proceedings. The COC filed an application informing the Adjudicating Authority that Liberty failed to act as per the approved Resolution Plan.
…The Committee of Creditors (COC) of Amtek Auto Limited filed an appeal against the NCLAT's order. The corporate insolvency resolution process was initiated against Amtek Auto Limited on 24.07.2017. Resolution plans were invited, and DVI and Liberty submitted plans. DVI withdrew, and Liberty's plan was approved but not implemented. The COC informed the Adjudicating Authority about Liberty's failure. The Adjudicating Authority directed the reconstitution of the COC for reconsideration of DVI's plan. The COC appealed to NCLAT, and fresh applications were invited. DVI submitted a revised plan, but the appellate authority disposed of the appeal and virtually ordered liquidation. The Supreme Court stayed liquidation and permitted fresh offers. DVI's plan was approved by the
…Corporate insolvency…
Resolution Plan submitted by Liberty approved…