Supreme Court resuscitates Amtek Auto, allows fresh bids for company

Court gives RP 21 days to call new bids, CoC 2 week thereafter to decide; to hear the case again on November 5

The Supreme Court (SC) on Tuesday granted the resolution professional (RP) of Amtek Auto 21 days to invite fresh bids, giving a fresh lease of life to the insolvent component maker whose liquidation it had earlier stayed.

The lenders to the company will have two weeks after that to decide on a final resolution plan and place it before the court, said a three-judge Bench led by Justice Arun Mishra. The next hearing is on November 5.

In its submissions to the apex court, the committee of creditors (CoC) said liquidating the company would benefit no one and instead adversely impact the