# In the matter of Committee of Creditors of Amtek Auto Limited through Corporation Bank
Vs. Dinkar T. Venkatsubramanian and others Civil Appeal No. 6707 Of 2019

> SC judgment dated 2021-12-01. Citation: TCN-2021-SC-00005. The Committee of Creditors (COC) of Amtek Auto Limited filed an appeal against an order passed by…

- **Court:** SC
- **Order date:** 1 Dec 2021
- **Citation:** TCN-2021-SC-00005
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/committee-of-creditors-of-amtek-auto-limited-through-corporation-bank-vs-dinkar-a33e6c40

## Summary

### Background

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.

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## Facts

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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## Issues and analysis

### Issue 1: Whether the approved resolution plan should be implemented at the earliest and within the timelines …

**Ratio:** Section 12 of the IBC mandates that the corporate insolvency resolution process shall be

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**Reasoning:** The court emphasized that any deviation from the stipulated time limit would defeat the

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**Interpretation:** Section 12 of the IBC sets a strict timeline for the completion of the

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**Application:** The court directed the IMC to complete the implementation of the approved

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## Parties

- **Judges:** M.R.…; SANJIV K…
- **Appellants:** Committee of…
- **Respondents:** Amtek Auto…; Dinkar T.…

## Timeline

- **2017-07-24 — Initiation…**: Corporate insolvency resolution process…
- **2018-07-25 — Approval of Liberty's…**: Resolution Plan submitted by Liberty approved by the National Company Law Tribunal,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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