Liberty gets 30 days to pay for Adhunik Metalliks acquisition

NEW DELHI: An appellate tribunal has given Liberty House 30 days to make an upfront payment of Rs 410 crore towards its acquisition of Adhunik Metalliks. Liberty House has failed to make payments towards its acquisition of distressed alloy and specialty steel manufacturer after being approved by the CoC as the highest bidder.

“We allow the appellant Liberty House Group another 30 days to make upfront payment in terms of the resolution plan” said a two-member bench of the National Company Law Appellate Tribunal (NCLAT) led by Justice SJ Mukhopadhyaya on Friday.

London-based Liberty House has also failed to make payments for Amtek Auto after making a successful bid of Rs 4,200 for the company.