Amtek Auto: NCLT okays Deccan Value Investors’ bid

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July 10, 2020 4:01 AM

“The resolution plan, as approved by the committee of creditors and submitted by Deccan Value Investors LP and DVI PE Mauritius Limited- resolution applicants, is approved,” the tribunal said.

The committee of creditors, in its meeting held on April 2, 2018 had approved the resolution plan of Liberty Housing Group.The committee of creditors, in its meeting held on April 2, 2018 had approved the resolution plan of Liberty Housing Group. (File image)

The Chandigarh bench of the National Company Law Tribunal (NCLT) on Thursday approved Deccan Value Investors’ bid for Amtek Auto.

“The resolution plan, as approved by the committee of creditors and submitted by Deccan Value Investors LP and DVI PE Mauritius Limited- resolution applicants, is approved,” the tribunal said.

The approval is binding on the corporate debtor and its employees, members, creditors, including the central government, any state government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owned, guarantors and the other stakeholders involved in the resolution plan, the tribunal said.

“The resolution applicant shall submit the application seeking approval of the Competition Commission of India within 15 days from the date of receipt of certified copy of this order and the same shall be considered in accordance with the law,” the NCLT said.

On an appeal of Corporation Bank, now known as Union Bank of India, a financial creditor, the corporate insolvency resolution process of Amtek Auto was admitted on July 4, 2017. The adjudicating authority appointed Dinkar T Venkatsubramanian as the interim resolution professional.

The committee of creditors, in its meeting held on April 2, 2018 had approved the resolution plan of Liberty Housing Group. The NCLT approved Liberty’s plan on July 25, 2018. But LHG failed to implement the plan within time and then, following a Supreme Court order,the resolution process started all over again.

The CoC approved DVI’s resolution plan on February 7, 2020.

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