Amtek Group

Amtek Group www.infralive.com 27 Infra LIVE March 15, 2020 f. The initial period of 180 days as provided in Section 12 (1) of the IBC for completion of the insolvency resolution process (IRP) was expiring on 19.01.2018 and on the basis of the decision of the CoC, the period for comple- tion of IRP was extended by 90 days vide order dated 17.01.2018. g. Evaluation of both the plans was made and Liberty House Group was declared H1 on 06.03.2018. h. The total admitted claim of Financial Creditors was Rs 12,605 crores (see table-1 at pg 26) and the Liquidation Commi t t ee o f Cred i tor s (CoC). c. On 31.08.2017 advertisement for Expression of Interest (EoI) was published and last date for submission of EoI was 11.09.2017. d. Grant Thornton India Pvt Ltd, SBI Capital Markets Limited and IDBI Capital Markets & Securities Ltd were appointed as the process advisor. e. The EoI was received from six entities but only two plans were rece i ved – One o f Liberty House Group PTE Ltd (LHG) and the other was of Deccan Value Investors LP (DVI) a. The financial creditor filed an application under Section 7 of the IBC, 2016 (CP-IB No . 42 / Chd /Hr y / 20 1 7 ) against the corporate debtor Amtek Auto Ltd and the same was admitted by the NCLT, Chandigarh bench on 24 .07 . 2017 . The pub l i c announcement to this effect was made on 29.07.2017 in a leading newspaper. b. On 2 7 . 0 7 . 2 0 1 7 , NC L T a p p o i n t e d D i n k a r T Venkatsubramaniam as the Interim Resolution Profes- sional (IRP), who was later on confirmed as the Resolu- tion Professional by the Box-1: Amtek Auto Ltd T3: Financial Creditors of Metalyst Forgings Ltd (Rs cr) Sl Creditor Admitted amount 1 State Bank of India 815 2 IDBI Bank 571 3 Andhra Bank 543 4 Phoenix ARC (South Indian Bank) 252 5 Karur Vysya Bank 212 6 ICICI Bank 197 7 Corporation Bank 181 8 Bank of Maharashtra 162 9 United Bank of India 171 10 ACRE 25 Trust 106 11 Indian Bank 101 12 Syndicate Bank 91 13 Allahabad Bank 81 14 Vijaya Bank 80 15 Standard Chartered Bank 76 16 ACRE 29 Trust 67 17 L&T Finance Ltd 66 18 Karnataka Bank 51 19 Tata Capital Financial Services Ltd 20 Total 3,841 T2: Financial creditors of Castex Technologies Ltd (Rs cr) Sl Creditors Amount admitted 1 State Bank of India 1,309 2 UCO Bank 536 3 IDBI Bank 531 4 Life Insurance Corporation of India 498 5 Axis Bank Ltd 481 6 United Bank of India 479 7 Bank of Maharashtra 479 8 Oriental Bank of Commerce 359 9 Allahabad Bank 356 10 Andhra Bank 284 11 South Indian Bank 268 12 ICICI Bank Ltd 246 13 Bank of India 238 14 Canara Bank 212 15 IFCI Ltd 187 16 Vijaya Bank 156 17 Corporation Bank 128 18 Karnataka Bank 127 19 Syndicate Bank 118 20 Indian Overseas Bank 90 21 Tamilnad Mercantile Bank Ltd 73 22 ACRE-29-Trust 66 23 Aditya Birla Finance Ltd 57 24 CTBC Bank Co Ltd 36 Total 7,313 T4: Financial creditors of ARGL Ltd (Rs cr) Sl Name Amount admitted 1 State Bank of India 551 2 IDBI 278 3 Syndicate Bank 236 4 Bank of Maharashtra 121 Total 1,186 Amtek Group (Rs cr) Sl Defaulting companies Amount 1 Amtek Auto Ltd 12,605 2 Castex Technologies Ltd 7,313 3 Metalyst Forgings Ltd 3,841 4 ARGL Ltd 1,186 Total 24,945