The case involves a Contempt Petition filed by the Committee of Creditors (CoC) of AMTEK Auto Limited against Deccan Value Investors LP (DVI) for allegedly violating a court order. Simultaneously, DVI filed an application for rectification of a previous court order. The core issue revolves around DVI's resolution plan for AMTEK Auto, which was initially approved but later faced challenges due to the COVID-19 pandemic. The National Company Law Tribunal (NCLT) admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) in 2017, initiating the corporate insolvency resolution process. Liberty House Group's plan was initially approved, but later found to be non-compliant, leading to the consideration of DVI's plan. The Supreme Court intervened to set
…On July 24, 2017, an application under Section 7 of the IBC was admitted by the NCLT against AMTEK Auto Limited. Dinkar T Venkatsubramanian was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP invited resolution plans, and Liberty House Group and DVI submitted plans. Liberty House Group's plan was initially approved but later found to be non-compliant. The CoC filed an application seeking a declaration that Liberty House Group had willfully contravened the terms of the resolution plan. The NCLT directed the reconstitution of the CoC for consideration of DVI's plan. The NCLAT concluded that since more than 270 days had elapsed, liquidation of the corporate debtor would have to ensue. The Supreme Court
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An application under Section 7 of the Insolvency…
The Resolution…
The case involves a Contempt Petition filed by the Committee of Creditors (CoC) of AMTEK Auto Limited against Deccan Value Investors LP (DVI) for allegedly violating a court order. Simultaneously, DVI filed an application for rectification of a previous court order. The core issue revolves around DVI's resolution plan for AMTEK Auto, which was initially approved but later faced challenges due to the COVID-19 pandemic. The National Company Law Tribunal (NCLT) admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) in 2017, initiating the corporate insolvency resolution process. Liberty House Group's plan was initially approved, but later found to be non-compliant, leading to the consideration of DVI's plan. The Supreme Court intervened to set
…On July 24, 2017, an application under Section 7 of the IBC was admitted by the NCLT against AMTEK Auto Limited. Dinkar T Venkatsubramanian was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP invited resolution plans, and Liberty House Group and DVI submitted plans. Liberty House Group's plan was initially approved but later found to be non-compliant. The CoC filed an application seeking a declaration that Liberty House Group had willfully contravened the terms of the resolution plan. The NCLT directed the reconstitution of the CoC for consideration of DVI's plan. The NCLAT concluded that since more than 270 days had elapsed, liquidation of the corporate debtor would have to ensue. The Supreme Court
…An application under Section 7 of the Insolvency…
The Resolution…