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of <h1>Deadline Extension for Amitek Auto Resolution Plan under Insolvency Code</h1> <h3>COMMITTEE OF CREDITORS OF AMTEK AUTO LIMITED THROUGH CORPORATION BANK Versus DINKAR T. VENKATSUBRAMANIAN & ORS.</h3> COMMITTEE OF CREDITORS OF AMTEK AUTO LIMITED THROUGH CORPORATION BANK Versus DINKAR T. VENKATSUBRAMANIAN & ORS. - TMI Issues:1. Failure of resolution plan by Liberty House2. Provisions of Section 12 of the Insolvency and Bankruptcy Code, 20163. Amendment Bill, 2019 and its impact on resolution process timeline4. Decision in 'Arcelormittal India Pvt. Ltd Vs. Satish Kumar Gupta and Ors.'5. Fresh offers invitation by Resolution Professional6. Timeline for submission of fresh offers7. Committee of Creditors' final decision process8. Next hearing date and submission deadlinesAnalysis:1. The judgment addresses the failure of a resolution plan by Liberty House for Amitek Auto Limited, leading to the consumption of time beyond the provisions of Section 12 of the Insolvency and Bankruptcy Code, 2016. The Solicitor General highlighted the third proviso of the Amendment Bill, 2019, allowing completion of the resolution process within 90 days from the Amendment Act's commencement, up to 15th November, 2019. Reference was made to the case of 'Arcelormittal India Pvt. Ltd Vs. Satish Kumar Gupta and Ors.' for context.2. Without a final decision on the matter, the parties agreed to make another effort to resolve the issue, considering expressions of interest from eight other parties. The Resolution Professional was permitted to invite fresh offers within 21 days, instead of the earlier timeline, to meet the 15th November deadline. The Committee of Creditors was directed to make a final decision within two weeks from the fresh offers' submission, to be presented in the next hearing on 05.11.2019.3. Additionally, another civil appeal was detagged, scheduled for a separate hearing on 03.10.2019. Written submissions were required to be filed by 30.09.2019, ensuring a systematic and timely process for addressing the legal complexities and resolving the issues at hand. The court's meticulous approach in managing the resolution process and timelines reflects a commitment to upholding the legal framework and ensuring fair proceedings for all parties involved.
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