Results: Amtek Auto loss widens to Rs 145.77 crore in June 2020 quarter
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Auto components maker Amtek Auto, currently undergoing corporate insolvency resolution process, on Wednesday reported widening of standalone loss after tax to Rs 145.77 crore for the quarter ended June 2020.
The company had posted a standalone loss after tax at Rs 78.42 crore in the year-ago period.
Total revenue during the period under review stood at Rs 36.53 crore. It was at Rs 215.83 crore in the corresponding quarter a year ago, Amtek Auto said in a regulatory filing.
The company said the implementation of Deccan Value Investors (DVI) resolution plan in which a US-based hedge fund had bid around Rs 2,700-crore, out of which Rs 500 crore was in the form of upfront cash and the balance Rs 2,200 crore to be paid in future, is underway.
NCLAT dismisses Deccan Value Investors’ plea against Amtek Auto resolution plan
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Synopsis
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.
In February last year, the Committee of Creditors approved DVI’s resolution plan.
The National Company Law Appellate Tribunal (NCLAT) on Friday dismissed Deccan Value Investors’ (DVI) appeal against the implementation of its resolution plan for debt-ridden auto parts-maker
Amtek Auto. It also imposed a Rs 1 lakh cost and said the appeal was yet another effort on the part of DVI to wriggle out of its obligations and seek withdrawal of the resolution plan in a different garb.