Lenders seek NCLT nod for restarting resolution process for Amtek Auto – Business Standard
Lenders to Amtek Auto on Wednesday asked the National Company Law Tribunal (NCLT) to restart the resolution process for the company as the lone bidder Liberty House failed to make any payment.
The lenders have also asked for exclusion of the period Liberty House spent in considering the bid while taking into account the 270-day resolution period as mandated under the bankruptcy code for debt resolution.
Liberty House was declared the highest bidder for Amtek Auto in July last year after it made a Rs 4,200 crore bid for the company but failed to pay any amount to the banks, leading to banks filing a prosecution application in the NCLT against the firm. The Section 74 (3) of the I…