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Amtek Auto says insolvency proceedings accepted by NCLT

 BobGrace
  55
 May 21, 2024

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NEW DELHI:Debt-laden auto component maker Amtek Auto today said the insolvency proceedings initiated by a consortium of banks led by the National Company Court of Corporation Bank have been approved by the (NCLT).

The company is listed on the Bombay Stock Exchange (BSE) In a filing, “Chandigarh NCLT” Under 20166 201666, the court has accepted the petition filed by the company bank Seventh Year Insolvency and Bankruptcy Code section.”

Insolvency proceedings have also been initiated by other companies including Electrostelel Steel, Lanco Infratech and Jyoti Structures Ltd. 12 Reserve Bank of India Pen NPLs recognized by the Reserve Bank of India.

These 12 accounts alone accounted for one-fourth of the NPLs, or Rs 8 percent crore. Of this, Rs 6,000. crore belongs to public sector banks.

After NCLT receives your case, you have 180 cases per day to decide on a solution, but there may be an additional 90 a day. If the plan is not finalized, the company will go into liquidation.

After the meeting on June 13, the Internal Advisory Committee (IAC) of the RBI recommended 12 accounts, about 25% of total assets. Total non-performing loans of the banking system available under the insolvency law.

Each account has an exposure of more than 500 As of 2016, Rs 100 crore, year 3 More than 60% of the months, the bank classified the account as non-performing.

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