NCLT rejects Amtek group Dham's repayment plan in personal insolvency case
This story was originally published at 18:44 IST on 2 July 2025
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NEW DELHI – The Delhi bench of the National Company Law Tribunal has rejected a repayment plan proposed by former Amtek group chairman Arvind Dham in a personal insolvency case against him filed by the State Bank of India.
"... the present application (by the resolution professional) is disposed of and the creditors are entitled to initiate proceedings in terms of the provisions of Section 115(2) read with Section 121 of Insolvency and Bankruptcy Code, 2016," said the tribunal.
The tribunal had in 2024 admitted a petition by the State Bank of India to start insolvency proceedings against Dham for a debt of INR 1.78 billion. Dham had given personal guarantees to avail loans for Castex Technologies Pvt. Ltd. and Stride Auto Parts Ltd. He executed the deeds of guarantee in favour of SBI and L&T Finance for the loans.
Dham had submitted the repayment plan to the creditors in 2024. However, 59.5% of the creditors voted against the repayment plan.
Last year, the Enforcement Directorate arrested Dham under provisions of money-laundering law in a case linked to ACIL Ltd., an Amtek Group company. The Enforcement Directorate had initiated an investigation against Dham on the basis of first information reports registered by the Central Bureau of Investigation following complaints by IDBI Bank and Bank of Maharashtra.
On Wednesday, shares of State Bank of India ended 0.9% lower at INR 812.90 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Saji George Titus
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