AMTEK AUTO
ED arrests company promoter in Rs 25,000 cr bank loan fraud
The Enforcement Directorate has arrested the director of an automotive equipment manufacturing company in connection to a Rs 25,000-crore bank loan fraud case. Allegations of money laundering, cheating, and diversion of loans have been made. The case originated from a CBI FIR based on complaints from banks.
Amtek Case: SC junks Arvind Dham's plea against personal insolvency proceedings
The Supreme Court has dismissed Arvind Dham's appeal against the initiation of personal insolvency proceedings, upholding the National Company Law Tribunal's decision. The proceedings were initiated by the State Bank of India due to Dham's default on debts totaling Rs 177.89 crore. Dham had argued that SBI's petition violated the interim moratorium under Section 96 of the Insolvency and Bankruptcy Code, but the court ruled against his appeal, affirming the legality of the insolvency process initiated against him.
NCLT okays Metalysts Forgings' acquisition by Deccan value-led group
"It (resolution plan) shall be binding on the corporate debtor (Metalysts Forgings), its employees, members, and 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 is due, guarantors and other stakeholders involved in the resolution plan," the division bench of justice VG Bisht and technical member Prabhat Kumar said in its May 14 order.
IOB puts 92 bad loans worth Rs 13,000 crore on the block
The sale is the Chennai-based bank's attempt to explore other avenues for recovery when cases in the National Company Law Tribunal (NCLT) are delayed beyond any timeline, IOB executive director Joydeep Dutta Roy said.
NCLT okays Ramkrishna Forgings' bid to acquire Amtek Group arm
The bankruptcy court has approved Ramkrishna Forgings' bid to acquire JMT Auto, a subsidiary of the Amtek Group, through the corporate insolvency resolution process. Ramkrishna Forgings will offer ₹125 crore to acquire JMT Auto, which has admitted financial liabilities of over ₹165 crore. This acquisition is seen as a positive development in the manufacturing sector and may lead to more acquisitions through the Insolvency and Bankruptcy Code (IBC).
Go First looks at external funding for contingency plan
Go First, the first Indian airline to file for voluntary insolvency proceedings, is reaching out to asset reconstruction companies and distressed debt funds for short-term priority funding, focusing on alternative sources of funds to ensure revival is not impacted by procedural issues. Lenders, Bank of Baroda and Central Bank of India, have agreed in principle to lend INR 450 crore, which would come at a 20% interest rate.
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SC seeks report from SFIO, CBI on plea alleging laundering of over Rs 12,000 crore
Amtek Auto, which owed Rs 12,800 crore to banks and others, featured on the first list of the 12 companies that were referred by the Reserve Bank of India (RBI) for initiating the insolvency process in 2017. Dehadrai had told the court that the firm had manipulated its books of accounts to present a fiscal position that was entirely false and unsubstantiated.
Congress demands CBI probe into Amtek Auto insolvency
Addressing a press conference, Congress leader Sanjay Nirupam said the government must order a probe into the findings of Ernst and Young's audit report into the insolvency of Amtek Auto. The report states that "Amtek group has carried out preferential transactions, transactions defrauding creditors, and it siphoned off more than 70 per cent of its assets and funds to 129 shell companies," Nirupam said.
Deccan Value pays Rs 500 crore to close in on Amtek Auto buy
US hedge fund Deccan Value Investors (DVIL) has transferred ₹500 crore, the amount of cash required to complete the acquisition of bankrupt auto parts maker Amtek Auto. Banks will now move to complete documents and seek regulatory approvals to conclude the resolution that has been hanging for nearly four-and-a-half years.
Amtek takeover: DVIL gets 24 hours to pay ₹500 crore in cash
In an order today, a bench of Justices MR Shah and Sanjiv Khanna said DVIL has to transfer the amount into a State Bank of India account by November 24, bringing the more-than-4-year old resolution saga to its climax.
Amtek lenders close to sealing resolution with US hedge fund
Debt resolution at bankrupt auto parts maker Amtek Auto is finally moving forward as lenders and US-based hedge fund Deccan Value Investors LP (DVIL) are close to inking an agreement to complete the ₹2,700-crore deal, four people familiar with the plan told
5 Years of IBC: Insolvency law has helped improve recoveries, but delays disappoint
This May, the Insolvency and Bankruptcy Code (IBC) completed five years since it was passed by Parliament. It was a law envisaged to give a quicker, time-bound alternative for recovery of bad loans for banks.
5 years of IBC: Insolvency law has helped improve recoveries, but delays disappoint
Though the number of cases have been increasing, last fiscal was the first time the cases admitted slowed down year on year to 499 cases compared with 1,978 cases admitted in fiscal ended March 2020, mainly as the government suspended filing of new cases as a relief measure due to the Covid-19 pandemic.
Resolutions gather pace, but recoveries take time for banks
For banks, however, the resolution is not the end of the road because NCLT orders are still being challenged by other creditors and debtors as the bankruptcy code is put to the test in higher courts.
NCLAT dismissed DVI plea over resolution plan for Amtek Auto
The National Company Law Appellate Tribunal (NCLAT) has dismissed the petition of Deccan Value Investors challenging the NCLT approval to its resolution plan for debt-ridden Amtek Auto without execution of a lease of a property.
NCLAT dismisses Deccan Value Investors’ plea against Amtek Auto resolution plan
Amtek Auto, which owed lenders Rs 12,700 crore, was among the first cases referred by the Reserve Bank of India to the National Company Law Tribunal (NCLT) in 2017.
Billions of dollars at stake for India banks in 2021 court cases
The legal tussles pit India’s lenders, central bank and government against corporate borrowers struggling to survive amid lockdowns prompted by Covid-19.
Amtek Auto lenders move SC claiming contempt by bidder
The order was pronounced in response to an application from DVI claiming that the pandemic had drastically altered the financial calculations that were the basis for its previous offer.
Mortgage lenders of Amtek subsidiary approaches NCLT to protect their rights
The appeal deals with a part of Amtek Auto’s factory land mortgaged with private lenders KKR India and L&T Finance.
NCLT approves Deccan Value Investors' bid for Amtek Auto
The tribunal observed that the resolution plan submitted by DVI fulfils all the requirements of regulations of the corporate insolvency resolution process and has been approved by the Committee of Creditors (CoC). It has also directed to create a committee of five persons for the implementation of the plan.
NCLT approves Amtek Auto resolution plan
A two-judge bench headed by Justice Ajay Kumar Vatsavayi passed the order, which as per the law, provides DVIL with 30 days to complete the payments. In February, lenders of Amtek Auto agreed to take an 80% haircut on the amount the bankrupt firm owed them by voting in favour of DVIL’s Rs 2,700 crore resolution plan.
Three year old Amtek Auto case nears completion
The three year old case for the resolution of bankrupt Amtek Auto could finally see completion this week after the Supreme Court (SC) refused to give more time for US based hedge fund Deccan Value Investors LP (DVIL) to assess the impact of the economic contraction caused by the Covid-19 virus.
Board Meetings Today: RBL Bank, Jain Irrigation, Amtek Auto, Rites and Manpasand Beverages
It makes sense to have a look at the corporate agendas for the day’s as announced to the stock exchanges.
Board Meetings Today: JMT Auto, Gujarat Apollo Industries, Amtek Auto, ASI Industries and Frontier Infomatics
There are corporate actions that often bring material changes to a company, directly affecting stakeholders.
Auto slump likely to hit Amtek Auto resolution
Amtek Auto owes more than Rs 12,000 crore to lenders and was admitted for insolvency resolution in July, 2017.
Auto slump likely to hit Amtek resolution
Amtek Auto owes more than Rs 12,000 crore to lenders and was admitted for insolvency resolution in July, 2017.
Sebi slaps Rs 24 lakh on Amtek Auto for disclosure lapses
As per the order, Amtek Auto is the promoter of Castex Technologies Ltd (CTL).
Amtek auto subsidiary gets two bids
"We have received two binding bids and both the offers are in the range of Rs 1,400 crore to Rs 1,500 crore."
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