PINAKI MAJUMDAR
Jamshedpur, Sept 23: Today is the last day for filing objections if any, or withdrawing from the race of taking over city-based ailing Incab Industries Limited, once a bluechip company and a leading cable manufacturer of the country.
The Resolution Professional ( RP), Pankaj Kumar Tibrewal after scrutiny of the expression of interest submitted by three bidders would arrive at a decision tomorrow, September 24.
Earlier, Tata Steel Long Products Limited, Vedanta Limited and One City Infrastructure Private Limited – had submitted their expression of interest in response to a notice issued by the RP who is appointed by Calcutta- bench of National Company Law Tribunal ( NCLT ).
The last day for submission of the expression of interest was September 16.
” The final list of prospective applicants, after considering objections if any, would be notified by the resolution professional on September 24, ” said a company official.
Tata Steel Long Products Limited formerly Tata Sponge Iron Ltd is promoted by Tata Steel. It has its manufacturing facilities in adjoining Seraikela-Kharsawan district and Joda in Odisha while Vedanta Limited is a mining company, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.
The third applicant- One City Infrastructure Private Limited is a Delhi-based company which is majorly in the real estate and renting business for the last 16 years.
Various unions of Incab Industries were hopeful of the company’s revival over this latest development.
” We want the company to be revived and are against any liquidation or winding up moves, ” said a functionary of Incab Industries Employees Association.
The employees are also hopeful of a positive outcome.
” With Tata Steel bidding for the company we are much hopeful, ” said R K Sharma, an employee.
The next hearing of NCLT’s Calcutta bench on Incab Industries is slated for November 8.
Currently, the ailing Incab Industries Limited has around 850 workers on its rolls who are deprived of their salary for over two decades.
Now, everything depends on the decision of the RP and the Kolkata-bench of National Company Law Tribunal ( NCLT ) which is dealing with the Incab issue.
