Debt-ridden auto component maker Amtek Auto today said insolvency proceedings initiated by a consortium of banks led by Corporation Bank has been accepted by the National Company Law Tribunal (NCLT).
“The application filed by Corporation Bank under section 7 of the Insolvency and bankruptcy Code, 2016… before NCLT, Chandigarh has been admitted by the tribunal,” the company said in a BSE filing.
Bankruptcy proceedings have also been initiated against other companies including Electrosteel Steel and Lanco Infratech and Jyoti Structures Ltd which are among the 12 NPA or bad loan cases identified by the Reserve Bank of India.
The 12 accounts alone constitute a quarter of the over Rs 8 lakh crore of NPAs. Of the total, …
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