A couple of big debt-laden companies suffered setbacks in their quest to find new investors that could help them get back on their feet in a relatively quieter week for stressed assets news.
However, the most noticeable development in the stressed assets segment this week was VCCircle’s exclusive report about the appointment of the CEO for KKR’s India asset reconstruction arm.
Meanwhile, Amtek Auto Ltd, one of the 12 biggest defaulters that the Reserve Bank of India had listed for bankruptcy resolution more than two years ago, is heading for liquidation.
On Friday, the National Company Law Appellate Tribunal dismissed a plea by the company’s resolution professional for rebidding or extending the time for resolution by 90 days.
Amtek’s lenders had initially selected UK-based Liberty House as the highest bidder. However, Liberty House later backed out following which the lenders requested 90 days more time to find a new buyer.
Separately, grounded carrier Jet Airways’ hopes to fly again dimmed after Vedanta’s billionaire chairman, Anil Agarwal, pulled out of the race just days after showing initial interest.
Among other news, Sahara Group subsidiary Sahara Q Shop Unique Products Range Ltd and rose producer Karuturi Global have been admitted into insolvency and will now look for a buyer.
