Deccan Value Investors L.P. and Dvi Pe (Mauritius) Ltd agreed to acquire all assets of Amtek Auto Limited (BSE:520077) for INR 27 billion on January 6, 2020. Deccan Value Investors L.P. was declared as the preferred bidder subject to Deccan Value Investors satisfactorily addressing the key commercial issues and legal issues highlighted by Committee of Creditors. Deccan Value will make Amtek's creditors an upfront cash payment. It would pay the balance amount through future receivables that assume recovery from tax refunds, sale of non-core real estate and other assets of Amtek Auto Limited. Deccan Value has also offered INR 3 billion from optionally convertible debentures payable over seven years. No exit price shall be paid to equity shareholders since the liquidation value due to shareholders is nil. After the transaction, the equity shares of Amtek Auto Limited shall cease to be listed and traded on the Stock Exchanges. Capital reduction of Amtek Auto Limited shall occur simultaneously with the delisting. The transaction is subject to approval of Competition Commission of India. The transaction was approved by Committee of Creditors of Amtek Auto Limited through e-voting process held between February 7, 2020 and February 11, 2020. National Company Law Tribunal, Chandigarh approved the transaction on July 9, 2020. As of September 13, 2020, Deccan Value Investors has triggered the force majeure clause in Amtek Auto debt resolution case, citing deteriorating performance of the corporate debtor in the wake of the Covid-19 pandemic. The lenders of Amtek Auto, led by Union Bank of India, have moved the Supreme Court against Deccan Value Investors for exercising the force majeure clause in its resolution plan. DVI said it had built into its resolution plan and contract, certain condition precedents without which the deal could not proceed. One such condition precedent related to an ongoing dispute between the creditors and leaseholders of a key plot of land on which Amtek's manufacturing facilities stand. All of these matters will now be adjudicated by the courts. Supreme Court dropped the contempt proceedings by lenders of Amtek Auto on the condition that it does not raise the force majeure clause on February 23, 2021. Apex court also rejected Deccan's application for rectification. National Company Appellate Law Tribunal is hearing Deccan appeal against approval granted to its bid for takeover of the auto parts maker. EY acted as financial advisor to Amtek Auto Limited and ran the CIRP process (IBC, Sell Side).

Deccan Value Investors L.P. and Dvi Pe (Mauritius) Ltd completed the acquisition of all assets of Amtek Auto Limited (BSE:520077) on December 8, 2021.