NCLAT's dismissal of DVI appeal may pave the way for Amtek resolution

Amtek owes lenders Rs 12,641 cr and was on RBI's first list of NPAs mandated for resolution under Bankruptcy Code. The DVI bid is said to be Rs 2,615 cr, of which Rs 500 cr is upfront cash

The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal made by US-based hedge fund, Deccan Value Investors (DVI), on Friday, over a mortgaged property, that may pave the way for implementation of the resolution plan in a corporate insolvency resolution process (CIRP) that has been running for more than three and a half years.

DVI had appealed against a National Company Law Tribunal (NCLT) order approving its resolution plan on grounds that the condition precedent around a long-term lease for the Ace Complex land – a mortgaged property – had not been met.

However, the NCLAT order said the