Amtek Auto heads for liquidation; NCLAT clears the way for the process

Amtek Auto's total debt stands at Rs 12,603 crore, liquidation value of assets nearly Rs 4,120 crore

The National Company Law Appellate Tribunal (NCLAT) on Friday asked the Chandigarh Bench of the NCLT to proceed with the liquidation of Amtek Auto in accordance with law, saying there remained no approved resolution plan for the company despite the passage of the statutory period of 270 days.

“As we have noted that more than 270 days have been completed much earlier and no case is made out to exclude any period, we hold that the adjudicating authority has no other option but to pass order of liquidation,” a two-judge Bench, headed by Chairperson Justice S J Mukhopadhaya, said.

Amtek