This case involves a civil appeal filed in the Supreme Court of India against a judgment and order passed by the National Company Law Appellate Tribunal (NCLAT). The NCLAT had dismissed an appeal and confirmed an order passed by the NCLT, which had rejected the appellant's claim as a secured financial creditor in the corporate insolvency resolution process (CIRP) of Amtek Auto Limited. The appellant, Vistra ITCL (India) Ltd, claimed to be a secured creditor based on a pledge of shares of JMT Auto Ltd held by Amtek Auto Limited. The appellant had extended short-term loan facilities to group companies of Amtek Auto Limited, with the understanding that Amtek Auto Limited would create a first-ranking exclusive security by way of pledge over the shares. The appellant's
…Amtek Auto Limited (Corporate Debtor) approached appellant nos. 2 and 3 for a short-term loan facility of INR 500 crores for its group companies, Brassco Engineers Ltd. and WLD Investments Pvt. Ltd., with the ultimate end use for the Corporate Debtor. The appellants understood that the Corporate Debtor would create a first-ranking exclusive security by pledging 16,82,06,100 equity shares of JMT Auto Ltd. A Security Trustee Agreement was executed between appellant no.1 and WLD for Rs.150,00,00,000 on 2015-12-28. The Corporate Debtor's board passed resolutions to create security over JMT Auto Ltd shares. IDBI Bank issued a NOC for the sale of assets up to INR 450,00,00,000 to settle dues under the Security Trustee Agreement. A Security Trustee Agreement was executed
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Security Trustee Agreement was executed between…
Corporate Debtor's board of directors passed…
This case involves a civil appeal filed in the Supreme Court of India against a judgment and order passed by the National Company Law Appellate Tribunal (NCLAT). The NCLAT had dismissed an appeal and confirmed an order passed by the NCLT, which had rejected the appellant's claim as a secured financial creditor in the corporate insolvency resolution process (CIRP) of Amtek Auto Limited. The appellant, Vistra ITCL (India) Ltd, claimed to be a secured creditor based on a pledge of shares of JMT Auto Ltd held by Amtek Auto Limited. The appellant had extended short-term loan facilities to group companies of Amtek Auto Limited, with the understanding that Amtek Auto Limited would create a first-ranking exclusive security by way of pledge over the shares. The appellant's
…Amtek Auto Limited (Corporate Debtor) approached appellant nos. 2 and 3 for a short-term loan facility of INR 500 crores for its group companies, Brassco Engineers Ltd. and WLD Investments Pvt. Ltd., with the ultimate end use for the Corporate Debtor. The appellants understood that the Corporate Debtor would create a first-ranking exclusive security by pledging 16,82,06,100 equity shares of JMT Auto Ltd. A Security Trustee Agreement was executed between appellant no.1 and WLD for Rs.150,00,00,000 on 2015-12-28. The Corporate Debtor's board passed resolutions to create security over JMT Auto Ltd shares. IDBI Bank issued a NOC for the sale of assets up to INR 450,00,00,000 to settle dues under the Security Trustee Agreement. A Security Trustee Agreement was executed
…Security Trustee Agreement was executed between…
Corporate Debtor's board of directors passed…