 "Appellate tribunal clears way for liquidation of debt-strapped Amtek Auto")
The National Company Law Appellate Tribunal (NCLAT) on Friday asked the Chandigarh Bench of the NCLT to proceed with the liquidation of Amtek Auto in accordance with law, saying there remained no approved resolution plan for the company despite the passage of the statutory period of 270 days.
“As we have noted that more than 270 days have been completed much earlier and no case is made out to exclude any period, we hold that the adjudicating authority has no other option but to pass order of liquidation,” a two-judge Bench, headed by Chairperson Justice S J Mukhopadhaya, said.
Amtek
