Liberty House moves NCLT over 'incorrectness' of Amtek Auto valuation

摘要

Sanjeev Gupta-led Liberty House Group, the London-based industrial and metals company, has in an application to the National Company Law Tribunal (NCLT) alleged misrepresentations of facts and other mistakes that have affected the valuation of insolvent Amtek Auto, for which it had successfully bid. Earlier, the tribunal had ordered Liberty House to withdraw its proposed resolution plan for Amtek, saying the company was “non-serious and casual”, as it refused to give a bank guarantee. The next hearing at NCLT is on December 18. “The company (Liberty House) is still willing to buy and revive these businesses, based on corrected facts, and has applied to NCLT for directions. However, if the RP (Resolution Professional) and CoC (Committee of Creditors) decide not to sell Amtek and the two affiliated companies to Liberty, the company might accept this outcome but, under those circumstances, will claim compensation for expense and damages from the RP,” said a Liberty House source. “Misrepresentations vitiate the whole process,” he added.