NCLAT to decide on Deccan Value Investors (DVI) plea in Amtek Auto case in a month. Supreme Court (File photo) | Photo Credit: IANS
Key Highlights
SC turns down DVI s request to rectify resolution plan for bankrupt Amtek Auto
The Supreme Court has refused to initiate contempt proceedings against US-based hedge fund Deccan Value Investors (DVI) for trying to renege on its bid to acquire the bankrupt Amtek Auto Limited. However, the court made it clear that this order will remain subject to DVI not raising force majeure clause while challenging the approval granted to its bid.
The court noted there was no need for a contempt case as DVI had already been disallowed from withdrawing its offer on 18 June 2020, and asked NCLAT to decide the appeal filed by the US-based hedge fund in a month s time.