Amtek: SC allows fresh resolution

Mumbai: The resolution process for Amtek Auto will be started all over again with Supreme Court allowing the resolution profession (RP) and committee of creditors (CoC) to invite fresh bids for the debt-ridden company within 21 days and complete the process in two weeks thereafter. The resolution plan for Amtek was approved by National Company Law Tribunal in July last year with the sole bidder UK-based Liberty House's resolution emerging as the successful resolution applicant. But, the process has remained inconclusive till date as Liberty House defaulted in honouring the payment commitment it made for Amtek. Lenders have an exposure of around Rs 12,000 crore to Amtek Auto.