Amtek Auto IRP seeks resolution plans
Mumbai: The interim resolution professional (IRP) in charge of Amtek Auto Ltd has called for expressions of interest from potential investors to present a resolution plan under the insolvency and bankruptcy code (IBC).
In a public advertisement on Wednesday, the auto parts maker said that corporates with a minimum net worth of Rs1,000 crore at the group level as on 31 March and group revenue of Rs2,000 crore for the preceding three years are eligible to approach the IRP company with a plan. Financial institutions, including private equity investors with minimum assets under management (AUM) of Rs3,000 crore over the past five years as on 31 December 2016 are also eligible to apply. PAGE 3
STILL A MESS
Vehicles ply on a waterlogged road in Mumbai on Wednesday. At least 10 people are reported to have been killed in Tuesday’s rains in the city and its suburbs. The torrential rain paralysed road, rail and air services which
began limping back to normal.
The Santacruz observatory of the India Meteorological Department registered 331.4 mm rainfall on Tuesday, the
heaviest since the 26 July 2005 record of 944 mm. The weatherman has forecast “heavy to very heavy rainfall” in
parts of Maharashtra over the next 24 hours.
Even as the rain receded, consumers stayed away, causing business to drop by over 50% in Masjid Bunder, India’s
largest wholesale market in the heart of Mumbai. “Business is down by over 50% as consumers are not
there,” said Tarun Jain, an oil distributor.