NCLT admits insolvency case against Amtek Auto

RBI directed PSBs to file insolvency petitions against 12 major non-performing accounts

The Chandigarh Bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition against Amtek Auto, an automobile parts maker.
 
This comes after the Reserve Bank of India (RBI) directed public sector banks to file insolvency petitions against 12 major non-performing accounts. An insolvency professional is yet to be appointed by the tribunal, said an official in the know. Amtek Auto has total liabilities worth Rs 14,000 crore. IDBI Bank and Corporation Bank are among the lenders.
 
Also, global private equity entity KKR has launched bankruptcy proceedings against the company’s foreign assets. Amtek Global Technologies owes KKR