Total revenue of the company declined to Rs 194.24 crore as compared to Rs 300.84 crore in the year-ago period, Amtek Auto said in a regulatory filing.
A three-member bench headed by Chairperson Justice S J Mukhopadhaya directed the Chandigarh bench of the National Company Law Tribunal (NCLT) to pass an order of liquidation as 270 days mandated under IBC for finalising a resolution plan have already lapsed.
When the selection and fee payment of auditors, credit rating firms and independent directors is decided by the management/promoter shareholders, it is obvious that their loyalty will be towards the latter.
NCLAT listed the matter for next hearing on April 22 and said 'CoC would not approve any other plan' in between.
If an entrepreneur runs a highly successful business, it doesn't necessarily follow that she will do equally well in a completely unrelated industry.
The appellate tribunal has also asked the Committee of Creditors (CoC) if it has a higher bid for Amtek Auto other than that of Liberty House or not.
Allowing mutual funds to segregate distressed debt securities in a scheme, a practice called side-pocketing is a clear moral hazard.
Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.
The UK-based steel major had won both assets in July and according to the resolution plan, was expected to pay lenders Rs 4,810 crore by October
Debt-ridden Amtek Auto today said it has signed a share purchase agreement with Nippon Steel and Sumitomo Metal Corporation to sell its stake in its joint venture (JV) company SMI Amtek Crankshaft.
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.
The regulator had initiated adjudication proceedings to inquire about the alleged violation of the code of conduct and mutual fund regulations by JP Morgan Asset Management India Pvt Ltd, JP Morgan MF and JP MF India Pvt Ltd and also to inquire into alleged violation mutual fund norms by Surti.
Sebi agreed to settle proposed adjudication proceedings in the case after it was approached by JP Morgan Asset Management India Pvt Ltd, JP Morgan MF and JP MF India Pvt Ltd with a plea under the settlement regulations "without admitting or denying the findings of fact and conclusion of law".
Amtek, which is one of the 12 large accounts identified by the Reserve Bank of India under Insolvency and Bankruptcy Code, has been facing bankruptcy proceedings over defaults of Rs 12,700 crore worth of loans.
US-based hedge fund Deccan Value is leading the race to bid for Amtek Auto, which has a debt pile of Rs 12,700 crore.
In a clarification note Bharat Forge said it has also participated in the process of acquiring Amtek Auto, along with other potential bidders.
The event comes three months after Amtek Auto, one of the 12 debt-ridden firms identified by the Reserve Bank of India (RBI), was taken to bankruptcy court.
Sudarshan Sukhani of s2analytics.com is of the view that one can sell Glenmark Pharma and Idea Cellular and buy Titan Company and prefers Maruti Suzuki over Amtek Auto.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell Ajanta Pharma and PVR and buy Delta Corp.
Amtek Auto's loss widened sharply to Rs 889.6 crore in the quarter ended June 2017, from Rs 319.7 crore in year-ago quarter, hit by lower revenue and exceptional inventory loss.
"The application filed by Corporation Bank under section 7 of the Insolvency and bankruptcy Code, 2016... before NCLT, Chandigarh has been admitted by the tribunal," the company said in a BSE filing.
Sandeep Wagle of powermywealth.com recommends selling Indiabulls Real Estate and Suven Life Sciences.
The company's debt as of March 2016 stood at more than Rs 14,000 crore.