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Amtek Auto jumps 5% after Committee of Creditors approves resolution plan of Liberty House

Amtek's subsidiary Castex Technologies and Metalyst Forgings were also locked at 5 percent upper circuit each at Rs 4.31 and Rs 28.20 on the BSE, respectively.

April 06, 2018 / 02:38 PM IST
 
 
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Amtek Auto share price was locked at 5 percent upper circuit at Rs 22.25 on Friday after the Committee of Creditors (CoC) approved resolution plan submitted by Liberty House, the part of Sanjeev Gupta's global industrial group GFG Alliance.

The auto ancillary company informed exchanges on Thursday that the Committee of Creditors of Amtek Auto has approved the resolution plan submitted by Liberty House Group Pte Ltd. through e-voting process.

The e-voting process was held during April 4-5, after the meeting of Committee of Creditors held on Monday, April 2.

At 14:12 hours IST, there were pending buy orders of 284,489 shares, with no sellers available on the BSE.

Liberty House Group and Deccan Value had submitted resolution plans that were discussed last month by CoC.

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Finally the Liberty House Group based in United Kingdom had been identified as the preferential bidder of Amtek Auto.

Amtek Auto has been going through the Corporate Insolvency Resolution Process under the provisions of the Insolvency and Bankruptcy Code, 2016. Dinkar Tiruvannadapuram Venkatasubramanian has been acting as the Resolution Professional of AAL under the provisions of the Code.

Amtek Auto is under Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016. Its affairs, business and assets are being managed by the Resolution Professional, Dinkar Vekatasubaramanian, appointed by the National Company Law Tribunal in July 2017.

Amtek's subsidiary Castex Technologies and Metalyst Forgings were also locked at 5 percent upper circuit each at Rs 4.31 and Rs 28.20 on the BSE, respectively.
Moneycontrol News
first published: Apr 6, 2018 02:38 pm

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