PINAKI MAJUMDAR
Jamshedpur, Dec 21: The 900-odd employees of ailing Incab Industries Limited will now have to wait till January 25 for getting any directive in their favour.
The Kolkata-bench National Company Law Tribunal ( NCLT ) has fixed January 25 for the next hearing to decide the fate of the company.
NCLT on Monday rejected three applications earlier filed by senior counsel Akhilesh Srivastava, who is fighting the case in favour of 277- retired employees, who are yet to get their final settlements.
” The applications were rejected in absence of a locus standi, ” said an advocate fighting the case in favour of employees.
He, however, said that their two applications were accepted.
Another significant development that took place in yesterday’s hearing was that an advocate representing the Resolution Professional ( RP) , Pankaj Kumar Tibrewal took the name of Vedanta Steel, which seems to have taken interest and submitted a proposal fir the resolution/ revival process of the company.
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 Kolkata- bench of National Company Law Tribunal.
Now, all eyes are now fixed on the January 25 hearing.
The employees are also eagerly waiting for a favourable outcome of another case on Incab pending at the Supreme Court.
The Apex court hearing is scheduled to take place on January 10.
Notably, 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 into real estate and renting business for the last 16 years.
Legal sources said that during Monday’s hearing the advocate representing the Resolution Professional did not elaborate much on Vedanta Limited.
According to sources, he just informed the NCLT bench that Vedanta Limited has sumitted a proposal, which was accepted.
The employees were dejected. ” We were expecting a favourable decision but that did not happen. Now, we have to wait for the next hearing, ” said Gopal Singh, an employee of the ailing company.
The employees rued that they were forced to live in penury as they are deprived of their salary for the last two decades, ever since the company closed in the year 2000.
