Appellate tribunal lashes out at Amtek Auto CoC, RP for calling new bids

Appellate tribunal says CoC, RP free to renegotiate with bidders for improving on original bids

The National Company Law Appellate Tribunal (NCLAT) on Wednesday slammed the Committee of Creditors (CoC) and the Resolution Professional (RP) of Amtek Auto for issuing a fresh information memorandum calling new bids for the company. The NCLAT’s observations came on a plea moved by Deccan Value Investors LP (DVI), which alleged that the new Expression of Interest (EOI) calling for fresh bids disqualified it as a bidder for Amtek Auto. On June 13, the RP of Amtek Auto called for fresh submission of binding resolution plan based on a new information memorandum.

According to the new EOI, resolution applicants who “had