NCLAT dismisses Deccan Value Investors’ plea against Amtek Auto resolution plan
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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.
Assocham has approached the Finance Ministry with a plea to reimpose moratorium on taking debt-ridden companies to NCLT under the Insolvency and Bankruptcy Code (IBC) till December 2021 in the face of severe outbreak of second wave of .
In a representation to the Finance Ministry, the chamber said that given the increasing pressure on businesses, it would be imperative to extend the NCLT (National Company Law Tribunal) moratorium to ensure that the pandemic "does not wreak havoc" on the economy.
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