Amtek Group

Amtek Group www.infralive.com 26 Infra LIVE March 15, 2020 ings and also deposited the amount payable to lenders. It is to be noted that the LHG did not deposit the resolution amount payable to lenders of AML for 18 months after approval of resolu- tion plan but once Amtek's resolu- tion plan was approved in favour of DVI, LHG immediately depos- ited the money in AML's resolu- tion process. It is surprising that most of the financial creditors comprising the CoC, which include banks, are common in Amtek and other companies where LHG and DVI have defaulted in implementing the respective plans. In spite of this, the CoCs have kept on favouring these two companies by voting in their favour and accept- ing their resolution plans. Even in all the four companies of Amtek group, Dinkar T Venkatsubramaniam was the common Resolution Professional. He also kept ignoring the deliber- ate backtracking by LHG / DVI. The modus operandi being employed is tweaking the insol- vency procedure in favour of the defaulting companies like LHG by giving them repeated chances to submit their revised plans and acquire the assets in debt laden companies at throw away prices, as no one is questioning their default status. It seems that DVI along with LHG is bidding in various plants of Amtek Ltd and its subsidiaries. Once the price discovery is com- plete, one of the parties (H1) backs out from implementation of the plan and other submits the plan at very low prices. In this manner they are acquiring the plants at throw away prices. In the whole system no one is questioning and penalizing them. Instead they are getting the best of the assets of India at throw away prices. The whole purpose of IBC such as resolution of company in timely manner and recovery of bad debts of banks is under serious question. This is a very serious nature of suspected fraud which involves public money. T1: Financial Creditors of Amtek Auto Ltd (as on 01.07.2019) Rs cr Sl Creditor names Amount admitted 1 IDBI Bank 1,702 2 State Bank of India 1,105 3 Life Insurance Corporation of India 1,036 4 Corporation Bank 837 5 Andhra Bank 685 6 Canara Bank 575 7 Bank of Baroda 505 8 Indian Overseas Bank 504 9 IFCI Ltd 482 10 Standard Chartered Bank (UK) 448 11 Deutsche Bank AG 382 12 India Opportunities III Pte Ltd 381 13 Standard Chartered Bank (India) 379 14 Bank of Maharashtra 331 15 ACRE-24-Trust 306 16 KG Finvest Pvt Ltd 256 17 Allahabad Bank 215 18 Bank of India 201 19 Union Bank of India 184 20 Edelweiss Asset Reconstruction Company Ltd 170 21 ICICI Bank Ltd 140 22 Export-Import Bank of India 138 23 Oriental Bank of Commerce 129 24 United Bank of India 124 25 General Insurance Corporation of India 115 26 Syndicate Bank 113 27 Central Bank of India 108 28 Citibank 75 29 Indian Bank 72 30 Dena bank 70 31 Punjab National Bank (International) Ltd 70 32 ACRE-29-Trust 68 33 UCO Bank 58 34 Karnataka Bank 54 35 National Insurance Company Ltd 43 36 Kotak Mahindra Bank Ltd 37 37 AK Services Pvt Ltd 37 38 Axis Bank Ltd 34 39 CTBC Bank Co Ltd 34 40 Nuclear Power Corporation of India Ltd EPF Scheme 31 41 The Karur Vysya Bank Ltd 30 42 Vijaya Bank 30 43 Alchemist Asset Reconstruction Company Ltd 27 44 Board of Trustees, MSRTC Contributory PF 27 45 The Federal Bank Ltd 25 46 Oriental Bank of Commerce (EMP) PF Trust 22 47 LIC Mutual Fund 19 48 Jharkhand Gramin Bank 18 49 Vijaya Bank Employees Pension Fund 18 50 Lakshmi Vilas Bank Ltd 17 51 Board of Trustees, MSRTC Gratuity Fund 12 52 Prathama Bank 12 53 Nomura International PLC 12 54 Goodwill Capital Services Pvt Ltd 11 55-95 Other 41 creditors (less than Rs 10 cr) 89 Total 12,605