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NCLAT dismisses Deccan Value Investors’ plea against Amtek Auto resolution plan SECTIONS Share 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...

86% insolvency cases pending over 270 days Top Searches 86% insolvency cases pending over 270 days TNN / Apr 6, 2021, 04:08 IST FacebookTwitterLinkedinEMail NEW DELHI: Over 85% of the ongoing corporate insolvency cases have dragged beyond 270 days, which was the upper limit for finalisation of the process. Latest data released by the Insolvency & Bankruptcy Board of India (IBBI) on Monday showed that up to December, 1,481 of the 1,717 pending cases had extended beyond 270 days. The four-year-old Insolvency & Bankruptcy Code — which is credited with changing the debt repayment culture —...

Synopsis When Franklin Templeton shut six of its debt schemes in April last year, it spooked mutual-fund investors. It even sprung the RBI into action as it announced an INR50,000 crore special liquidity facility. Behind the scenes, Franklin Templeton saga’s first act was already shot. Senior managers had taken out chunks of the money before schemes were shut. It is back. The Franklin Templeton (FT) saga is making news once again. And this time the senior members of the cast are in action. Vivek Kudva and members of his family, along with other senior managers in the company, withdrew their...

NCLAT to decide on Deccan Value Investors' (DVI) plea in Amtek Auto case in a month. Supreme Court (File photo)  |  Photo Credit: IANS Key Highlights SC turns down DVI's request to rectify resolution plan for bankrupt Amtek Auto The Supreme Court has refused to initiate contempt proceedings against US-based hedge fund Deccan Value Investors (DVI) for trying to renege on its bid to acquire the bankrupt Amtek Auto Limited. However, the court made it clear that this order will remain subject to DVI not raising "force majeure" clause while challenging the approval gra...

Read more about Market Ahead, January 13: All you need to know before the opening bell on Business Standard. Infosys, Wipro, Amtek Auto, GTPL Hathaway and six other firms are slated to release their Q3 numbers today