The Chandigarh-bench of National Company Law Tribunal (NCLT) on Wednesday approved UK-based Liberty House's bid for Amtek Auto Pvt Ltd.
Banks may recover over 30 percent of dues with the approval of Liberty House offer.
Earlier, committee of creditors in the meeting has announced Liberty as the successful preferred bidder.
This follows the corporate insolvency resolution process of Amtek Auto which began on July 24, 2017.
Amtek Auto is one of 12 large insolvency cases which the key lenders took to insolvency resolution process under the NCLT.
Amtek is one of the largest integrated auto component manufacturers in India with operations across forging, iron and aluminium casting, machining and sub-assemblies.