Perhaps the good old days of the iconic Ambassador may soon by revived as the CK Birla group-owned company Hindustan Motors is planning to file for BIFR. The company's net worth has been eroded by 50% and is suffering from one of its worst phases.

While the company believes that here is a significant difference between this and becoming a BIFR case but it has no plans to phase out the Ambassador from the Indian market.

In fact, the company has been losing market share from the past two decades after the automakers matching the likes of Maruti Suzuki and Hyundai Motors entered the Indian market.

All its attempts to re-launch the Ambassador in the Indian market have failed so far. However, the company ruled the Indian roads once in the 1970s but since its efforts have not been able to change the perception of the consumer; it is believed that BIFR is the best option for the company.

And as the company has accepted the resignation of its MD Ravi Santharam is believed that a new CEO will be appointed for the company but will the Ambassador be revived is still a very big question with no proper answer.