Amtek Auto News Today

"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.

(This story has not been edited by THE WEEK and is auto-generated from a PTI

Insolvency and Bankruptcy Code, 2016 (IBC) in India has been a game changer for resolution-driven credit recovery from insolvent companies in several ways. For the first time, we have a law which enshrines the maximisation of the valuation of assets in its preamble and seeks to back it up by way of sections 29 and 30 and several corporate insolvency resolution process (CIRP) regulations.

Supreme Court Monday directed the Enforcement Directorate to launch a probe into the alleged siphoning of money to the tune of ₹20,000 crore by the erstwhile promoters of Amtek Auto Jaskaran Singh Chawla v Union Of India

The Supreme Court on Monday (February 12) observed that the Adjudicating Authority (“AA”) i.e., NCLT under Insolvency and Bankruptcy Code, 2016 (“IBC”) has the power to recall its order approving the...

Exactly a year ago, I wrote that the bankruptcy law badly needs fixing. At that time, the government appeared to be serious about overhauling the legislation in the 2023 Budget.

Sharma said some lacunae, like the CoC comprising only financial creditors, still need to be addressed as it reduces operational creditors to being silent spectators in the entire CIRP.

In recent times, several noteworthy judgments have been rendered by the Indian Courts and Tribunals in matters relating to the Insolvency and Bankruptcy Code, 2016 (IBC). Some decisions rendered from...

RKFL, which has a registered and corporate office in Calcutta and plants in Jamshedpur, is expecting the acquisitions of JMT Auto, an Amtek Auto Group firm, from the insolvency court and Multitech Auto, by negotiation, will usher a new phase of growth, apart from its ongoing expansion

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 INR 125 crore to acquire JMT Auto, which has admitted financial liabilities of over INR 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).