Will take action against firms such as Liberty House: NCLAT

NCLAT observations came during insolvency hearing of ARGL, a subsidiary of Amtek Group

The National Company Law Appellate Tribunal (NCLAT) on Tuesday came down hard on companies such as Liberty House Group, which successfully bid for debt-ridden firms under the corporate insolvency resolution process but later withdrew citing one reason or the other. “We will decide what action needs be taken against such companies,” said a two-member Bench led by Chairperson Justice S J Mukhopadhaya.

The observations by the NCLAT came during a plea moved in the insolvency resolution process of ARGL, which is a subsidiary of debt-ridden Amtek Group. Liberty House had emerged the highest bidder for ARGL, following which the resolution