7 firms in a fix after bidders fail to implement resolution plan under IBC

Non-serious bidders are a cause for concern, but delays have been as much a worry for time-bound resolution of stressed assets under the IBC

At least seven companies under the Insolvency and Bankruptcy Code (IBC) are staring at a situation where preferred bidders have raised issues, or have delayed, or just expressed a desire to walk away from implementing a resolution plan. 

Three companies — Castex Technologies, ARGL, Metalyst Forgings — are subsidiaries of Amtek Auto. Amtek Auto, Castex and ARGL were won by the Liberty House group. 

In Castex, lenders filed an application with the Chandigarh Bench of the National Company Law Tribunal (NCLT) to withdraw its application that sought approval for the resolution plan after the applicant defaulted on payment of upfront