Mutual Fund

Amtek could see fresh bidding as Liberty House fails to pay up

The near-bankrupt Amtek Auto could well see a second round of bidding, as UK-based Liberty House Group (LHG) has failed to pay up according to the approved plan Liberty was declared the successful bidder for the company in late July. A joint meeting of the lenders and the members of the monitoring committee (constituted in terms of the approved resolution plan) of Amtek Auto was held on November 19, where it was decided that the monitoring committee will file an application before the adjudicating authority to seek directions on the way forward, including but not limited to, seeking additional time to identify new resolution applicants for Amtek Auto, the company said in an exchange filing on Thursday. A joint meeting of the lenders and the members of the monitoring committee (constituted in terms of the approved resolution plan) of Amtek Auto was held on November 19, where it was decided that the monitoring committee will file an application before the adjudicating authority to seek directions on the way forward including but not limited to, seeking additional time to identify new resolution applicants for Amtek Auto, the company said in an exchange filing on Thursday.

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