New Delhi: Shares of Amtek Auto on Tuesday fell by 5% after the company said insolvency proceedings initiated by a consortium of banks led by Corporation Bank has been accepted by the National Company Law Tribunal (NCLT). The stock declined 4.98% to settle at Rs29.60 — its lowest trading permissible limit for the day — on BSE. More From Livemint »“The application filed by Corporation Bank under section 7 of the Insolvency and bankruptcy Code, 2016... before NCLT, Chandigarh has been admitted by the tribunal,” the company said in a BSE filing on Monday. Once a case is admitted by the NCLT, there is a 180-day timeline to decide on a resolution plan, though 90 days can be given in addition. If a plan is not decided, then the company goes into liquidation.

Source: Mint July 25, 2017 15:33 UTC