Amtek Auto lenders plan to take legal action against Liberty House

Lenders not hopeful of Liberty House making payment by November 22

Lenders of insolvent Amtek Auto will look to invoke Section 74 under the Insolvency and Bankruptcy Code (IBC) to prosecute the London-based Liberty House if it defaults on its final payment due on November 22. The London-based group had won the race to acquire Amtek Auto for Rs 44 billion in July this year but failed to make any payments to the banks.
 

“The company has already missed the payment of 15 per cent of the total bid amount to an escrow account. We are not hopeful that it (Liberty) will be able to make its payment on November 22.