Losing momentum: Three years on, Amtek Auto still awaits IBC resolution

After an encouraging start, the IBC, launched by the Modi government in 2016, is losing momentum. The first of a 5-part series looks at Amtek Auto's resolution process

Three years ago, Amtek Auto, on the RBI’s first list non-performing assets to be resolved under the Insolvency and Bankruptcy Code (IBC), was admitted to the National Company Law Tribunal. Today, the bid amount has seen a drop, standalone revenues are on the slide and the resolution process is under threat, yet again.
 
Amtek is one of the few IBC cases where the corporate insolvency resolution process (CIRP) was reopened after an order by the Supreme Court. It is the second such instance of the process being restarted, the other being Jaypee Infratech.
 
According to the IBC timeline,