Liquidation order of Amtek Auto Limited- Need to review provisions of IBC 2016

Committee of Creditors of Amtek Auto Ltd. Vs Mr. Dinkar T.Venkatasubramanian & Ors. (NCLAT Delhi) Recently the Delhi bench of National Company Law Appellate Tribunal (NCLAT) has passed an order for liquidation in the case of Amtek Auto Limited. The two-judge Bench headed by Justice S J Mukhopadhya, stated in its order ‘As we have noted that more than 270 days have been completed much earlier and no case is made to exclude any period, we hold that adjudicating authority has no other option but to pass order of liquidation.’ It is pertinent to note that insolvency proceedings aga...