In Brief
In this insolvency case, the Supreme Court reversed the Appellate Authority's order directing liquidation of Amtek Auto Limited. Despite earlier failed resolution attempts, the Court permitted re-invitations for resolution plans. When Deccan Value Investor LP's plan was approved by the National Company Law Tribunal in July 2020, the applicant later attempted to withdraw, which the Court firmly rejected. The Court found the resolution plan viable—DVI had remitted ₹500 crores to a custodian bank for disbursement—and directed all parties to complete implementation within four weeks. The judgment prioritizes the Code's core objective of resolving financial distress and maximizing asset value over strict time compliance, excluding delays caused by litigation from the statutory timeline.
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