Lenders ask for fresh round of bidding for Amtek Auto at NCLAT

Press Trust of India  |  New Delhi 

Lenders of Auto Thursday sought permission from the NCLAT to conduct a second round of for the after the highest bidder UK-based backed out.

However, an NCLAT bench headed by Justice S J Mukhopadhaya said it would like to hear Deccan Value Investors and Auto's former promoters on the matter.

NCLAT listed the matter for next hearing on April 22 and said "CoC would not approve any other plan" in between.

It also said the Resolution Professional (RP) will continue to function and would "ensure that the company remains a going concern."

According to reports, Deccan Value Investors, which had emerged as the second highest resolution applicant for Auto, had placed a bid of Rs 3,150 crore.

has a total of Rs 12,603 crore and the liquidation value of its assets was determined at Rs 4,119 crore.

had offered Rs 4,025 crore, including upfront payment of Rs 3,225 crore and a fresh infusion of Rs 500 crore for stabilising and improving operations.

However, backed out of the process.

Earlier this month, NCLAT had allowed the withdrawal of for ARGL, an Amtek subsidiary.

Amtek is an with operations across forging, iron and aluminium casting, machining and sub-assemblies.

In July 2017, NCLT had admitted insolvency proceedings initiated by a consortium of banks led by

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 28 2019. 20:15 IST