MUMBAI: Castex Technologies, a subsidiary of automotive component maker Amtek Auto with debt of over Rs 6,000 crore, has been admitted to bankruptcy court.
State Bank of India (SBI), the lead bank, initiated bankruptcy proceedings in the Mumbai bench of the National Company Law Tribunal (NCLT).
Castex Technologies, a provider of iron cast auto components, is among 29 companies listed by the Reserve Bank of India that were required to be restructured by banks before December 13, failing which they would have to be referred to bankruptcy court by December 31.
Parent company Amtex Auto was also admitted to bankruptcy court following the RBI’s directions.
The NCLT admitted Castex Technologies for corporate insolvency resol…
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