JMT Auto is undergoing proceedings under Insolvency and Bankruptcy Code (IBC) and a resolution plan for it is subject to approval by the National Company Law Tribunal (NCLT).
BSE-listed JMT Auto, in a filing with the exchange, said two resolution plans complying with IBC conditions were put to e-voting on November 19, 2022. E-voting on the plans was concluded on January 16, 2023.
Also Read
Kolkata-based Ramkrishna Forgings, set up in 1981, had a consolidated revenue of Rs1,523.7 crore and a net profit of Rs 118.6 crore in six months ended September 2022, according to a BSE filing.
JMT Auto's resolution professional was in the process of filing an application with the NCLT for approving the resolution plan, it added.
According to the Expression of Interest (EOI) document, JMT Auto has significant expertise in the auto sector with capabilities in heat treatment and gear manufacturing besides a variety of components for the Oil and Gas industry. In 2013, JMT Auto’s controlling shares were acquired by Amtek Auto, which itself was under IBC process.
JMT Auto has eight facilities in India. Its financial creditors are Axis Bank (Rs 76.93 crore of admitted claim), IDBI Bank (Rs 58.12 crore), State Bank of India (Rs 25.9 crore) and Rs 7.39 crore).
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app