In Brief
This case involved AMTEK Auto Limited's insolvency resolution, where DVI's approved resolution plan faced implementation delays. DVI first sought modification/rectification of a June 2020 Supreme Court order rejecting its plea for time to reassess the plan due to COVID-19 impact. DVI claimed the order wrongly characterized its application as seeking withdrawal. Additionally, the Committee of Creditors filed a contempt petition alleging DVI violated the June order by obstructing implementation. The Court dismissed DVI's rectification application, finding it substantively sought renegotiation—impermissible under IBC. While noting DVI's conduct lacked bona fides, the Court declined contempt action, reasoning that pleading untenable legal positions should not automatically attract penal consequences. The Court barred DVI from raising force majeure in pending NCLAT proceedings and mandated disposal within one month, emphasizing IBC's time-bound mandate."
The lawyer headnote and full judgment text are available to registered users.