Wait for Amtek Auto resolution may get longer over mortgaged property

Bone of contention is long-term lease of ACE Complex Land. Resolution applicant has moved NCLAT, which is likely to start hearing on Thursday against NCLT order

The three-year CIRP (corporate insolvency resolution process) for Amtek Auto is likely to get delayed further over mortgaged property.

Resolution applicant Deccan Value Investors (DVI) has moved the National Company Law Appellate Tribunal (NCLAT), which is likely to start hearing on Thursday its plea against the National Company Law Tribunal (NCLT) order approving its plan. DVI had moved the appellate tribunal last month.

At the heart of the matter is a long-term lease of the ACE Complex Land. Under DVI’s resolution plan, the execution of long-term lease of the complex in favour of Amtek Auto is one of the imperative/integral