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NCLT Bench allows fresh bids for Amtek’s Castex Technologies

Auto News - Published on Mon, 25 Mar 2019

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Chandigarh bench of National Company Law Tribunal last week,after Amtek Auto, has also allowed fresh bids for its distressed unit Castex Technologies, with the winning bidder Liberty House failing to pay INR 100 crore as the performance bank guarantee for resolution plan. Bench said "There is a clear default in not complying with the essential terms and conditions of the process memorandum.”

Liberty House had offered to pay INR 2,505 crore for Castex, which owes INR 7,313 crore to lenders.

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Posted By : Rabi Wangkhem on Mon, 25 Mar 2019
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