While Amtek Auto was admitted to the National Company Law Tribunal (NCLT) for bankruptcy proceedings in July last year, Castex and Metalyst were admitted in December. While Amtek Auto was admitted to the National Company Law Tribunal (NCLT) in July last year, Castex and Metalyst were admitted in December. Corporation Bank initiated insolvency proceedings against Amtek Auto in the Chandigarh bench of National Company Law Tribunal in July 2017. Amtek Auto has presence in forging, grey and ductile iron casting, gravity and high-pressure aluminum die casting and machining and sub-assembly. “Several potential suitors who had submitted an initial express of interest in Amtek Auto feel that buying the company without the key subsidiaries will not be a prudent decision,” said one of the two people cited above.

Source: Mint February 27, 2018 02:03 UTC