The firm has been advising the erstwhile management on aspects of the IBC proceedings as well as any query or issues raised by the Resolution Professional, Committee of Creditors etc.

Corporation Bank had referred Amtek Auto to National Company Law Tribunal under the Insolvency & Bankruptcy Code 2016. After the admission of the Petition, the firm has been advisi ng the erstwhile promoters on all aspects under the Code. After approval of the Resolution Plan, the firm is representing the ex – management before National Company Law Tribunal and other High Courts against the Applications filed by the Resolution Professi onal and Banks for preferential and undervalue transactions and also in the matters of declaring the erstwhile management as wilful defaulter.

The firm is also handling matters of recovery on behalf of Arvind Dham, Chairman & Managing Director, Amtek Auto Limited. Original Applications have been filed on behalf of various banks including Bank of Maharashtra as well as Punjab National Bank. In the various Original Applications before the Debt Recovery Tribunal, Mr. Dham has been impleaded in his capacity as a Personal Guarantor to the various credit facilities availed by Amtek Group companies including Amtek Auto Ltd (under CIRP) and Metalyst Forgings Ltd (under CIRP). We are also representing Alliance Integrated Ltd, which has been impleaded in the Original Applications as a Corporate Guarantor. The amount that Bank of Maharashtra is claiming from Mr. Dham and Alliance Integrated Ltd is approximately ` 450 Crore.

The firm is contesting the Original Applications on the ground that there was a failure on part of consortium banks including Bank of Maharashtra in the release of funds that lead to a debacle of the financial condition of the Borrower Companies.