NCLAT dismissed DVI plea over resolution plan for Amtek Auto indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
NCLAT dismisses Deccan Value Investors’ plea against Amtek Auto resolution plan
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Synopsis
Amtek Auto, which owed lenders Rs 12,700 crore, was among the first cases referred by the Reserve Bank of India to the National Company Law Tribunal (NCLT) in 2017.
In February last year, the Committee of Creditors approved DVI’s resolution plan.
The National Company Law Appellate Tribunal (NCLAT) on Friday dismissed Deccan Value Investors’ (DVI) appeal against the implementation of its resolution plan for debt-ridden auto parts-maker
Amtek Auto. It also imposed a Rs 1 lakh cost and said the appeal was yet another effort on the part of DVI to wriggle out of its obligations and seek withdrawal of the resolution plan in a different garb.
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Hedge Fund May Have Cut Itself A Nice Little Deal With Yaleâs Money
If you screw with David Swensen, youâd better not get caught.
Author:
If you screw with David Swensen, youâd better not get caught.
David Swensen is one of the most powerful and influential investors in the world, a man who from his perch at the helm of Yale University’s endowment for more than three decades has just about as much experience investing in hedge funds as anyone. As such, it would take some serious stones to attempt to defraud so wealthy and august an institution and man. But hedge fund managers are not known for lacking in chutzpah, so that’s exactly what Deccan Value Investors allegedly did.
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.