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NCLAT gives 30 days to Liberty to pay for Adhunik Metalliks acquisition

Steel News - Published on Mon, 18 Mar 2019

Image Source: Twitter
ET reported that an appellate tribunal has given Liberty House 30 days to make an upfront payment of INR 410 crore towards its acquisition of Adhunik Metalliks. Liberty House has failed to make payments towards its acquisition of distressed alloy and specialty steel manufacturer after being approved by the CoC as the highest bidder. A two-member bench of the National Company Law Appellate Tribunal led by Justice SJ Mukhopadhyaya said “We allow the appellant Liberty House Group another 30 days to make upfront payment in terms of the resolution plan.”

Liberty House has also failed to make payments for Amtek Auto after making a successful bid of INR 4,200 for the company.

Source :

Posted By : Rabi Wangkhem on Mon, 18 Mar 2019
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