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The interim resolution professional appointed to complete the corporate insolvency resolution process of Amtek Auto, on Wednesday wrote to the exchanges to keep the company’s shares listed in order to keep the company as a going concern.
NCLT’s moveThe Corporate Insolvency Resolution Process (CIRP) had been initiated against Amtek Auto by the National Company Law Tribunal in July.
Dinkar Venkatasubramanian, who was appointed the interim resolution professional, in a letter said the company has been operating at a very low capacity for the last few months and it needs working capital immediately.
“In terms of mandate under Section 20 of the IBC, I am required to make every endeavour to protect and preserve the value of the property and manage the operations of the corporate debtor as a going concern during CIRP,” he added.
If Amtek Auto had failed to pay fees or any other charges prior to July 24, the bourses can claim it from the interim resolution professional. However, if any amount has become payable after July 24, Dinkar asked the bourses not to delist the shares till completion of the process within 280 days from the date of the admission or with extension for a maximum period of 90 days, he added.
Amtek Auto is one of the 12 non-performing accounts identified by the RBI to be referred to the tribunal by banks. On Wednesday, Amtek shares closed at ₹27.95, up 9.82 per cent, on the BSE.
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