Lenders put assets of former unit of ailing Amtek group on block

Lenders are putting assets, including land parcels of Revent Metalcast, formerly Castex Technologies (CTL) of the ailing Amtek group, on sale under the National Company Law Tribunal (NCLT) resolution plan.

The transaction is expected to be completed in six months for recovery of dues. These assets include land in Bhiwadi (Rajasthan), Gurugram (Haryana) and Nalagarh (Himachal Pradesh).

Banking sources said Ernst & Young LLP, a process advisor appointed by the asset monitoring committee of CTL, is looking after the activity.

These assets and operating assets were carved out as part of a resolution plan approved by the NCLT in 2022.