NCLAT allows withdrawal of Liberty House bid for Amtek Auto's ARGL
- Liberty House had emerged as the top bidder for ARGL Ltd but dragged its feet on submitting a bank guarantee
- Under Insolvency and Bankruptcy Code (IBC), a resolution process has to be completed under 180 days with an extension of 90 days
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday allowed the withdrawal of UK-based Liberty House bid for ARGL Ltd on the plea of resolution professional of the debt-ridden company. A two-member bench, headed by Justice S.J. Mukhopadhaya, also pulled up Liberty House for not pursuing the corporate insolvency resolution process after being selected as the highest bidder.
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