NCLAT dismisses DVI plea over resolution plan for Amtek Auto
The NCLAT has dismissed the petition by Deccan Value Investors challenging the NCLT approval to its resolution plan for debt-ridden Amtek Auto without execution of a lease of a property.
A three-member National Company Law Appellate Tribunal (NCLAT) Bench also imposed a cost of Rs 1 lakh on the US-based hedge fund Deccan Value Investors (DVI) LLP, terming the petition as 'frivolous'.
It further said execution of the long term lease (20 years) of the Ace Complex Land was not a condition precedent in regard to approval of resolution plan.
'The appeal not only lacks merit but also is frivolous.