The Supreme Court on Friday stayed the liquidation of debt-laden Amtek Auto on a plea moved by lenders of the company, and issued notice to the Resolution Professional, seeking his response. The New Delhi based integrated component manufacturer was headed for liquidation following a judgment of the National Company Law Appellate Tribunal (NCLAT) on August 16.
As there remained no approved resolution plan for the company despite the passage of the statutory period of 270 days, the company must head for liquidation, the appellate tribunal had held in its judgment.
"As we have noted that more than 270 days have