
Mumbai: Strategies to revive Amtek Auto stumbled again as KKR India Monetary Products and services, via Vistra ITCL, approached the focused bankruptcy court docket requesting the tribunal to assure their legal rights with regards to secured assets continue to be intact at the time of the approval of the resolution prepare. The security trustees also sought a copy of the resolution prepare.
The KKR India Monetary Products and services and L&T Finance have approached the Chandigarh-bench of NCLT, via securities trustee Vistra ITCL, to intervene in the resolution prepare proposed by the US-centered hedge fund Deccan Price Traders LP.
The appeal offers with a component of Amtek Auto’s factory land mortgaged with non-public lenders KKR India and L&T Finance. Interestingly, DVI just lately moved the NCLAT in opposition to the NCLT purchase arguing a deficiency of clarity on some areas of the resolution prepare could make impediments in the long term.
DVI has said in its proposed resolution prepare that the execution of a lengthy-phrase lease for the Ace Complicated land, in which the mortgaged land is located, is an essential component of the revival prepare. “It is stunning that all through the hearing, the RP himself admitted that the assets does not belong to the corporate debtor (Amtek Auto) but to the respondent, no four (Gateway Impex) and the applicant (security trustee) retains the charge on this kind of assets. Nonetheless, the resolution prepare offers for a mechanism for buying this kind of assets,” explained the petition submitted by the Vistra ITC.
KKR India Monetary Products and services and L&T Fin have approached Chandigarh-bench of NCLT, by way of securities trustee Vistra ITCL.
Also Browse: Amtek Resolution: Bankers established to search for Supreme Court intervention