PINAKI MAJUMDAR
Jamshedpur, March 30: The Kolkata bench of the National Company Law Tribunal (NCLT ) has deferred the hearing on ailing Incab Industries Limited till April 26.
The employees were expecting a favourable outcome from yesterday’s hearing. But, the Resolution Professional Pankaj Kumar Tibrewal sought some time to study the revised proposal submitted by Vedanta Limited, an Indian MNC.
Vedanta Limited had submitted a revised proposal for the takeover of the company. The proposal is required to have approval from the Committee of Creditors ( CoC).
Another hearing will take place at the NCLT on May 5 regarding the applications filed by workers.
Earlier, on February 8, the Supreme Court had dismissed the pleas of two companies – Kamala Mills and Fasaqua-after they withdrew their claims.
Both companies had challenged the order of the National Company Law Appellate Tribunal ( NCLAT ) which had earlier turned down the liquidation order of Incab passed by the Kolkata bench of the National Company Law Tribunal ( NCLT ).
The Supreme Court order came as a welcome relief for workmen.
The ailing company was referred to the erstwhile BIFR in the year 1999 as it was declared sick.
There were business sharks, in this case, having vested interests that tried their best in a sinister design to misappropriate all the assets and properties of Incab Industries, once a blue-chip company.
Incab has substantial immovable properties at Jamshedpur, Pune, Kolkata, Mumbai, New Delhi and
Chennai.
M/s Leader Universal (Mauritius) Company Limited which holds 51% shares in the corporate debtor (read Incab)
abandoned its legal responsibilities mandated under the law of maintenance of accounts, preparation of
balance sheets and getting the balance sheets audited annually.
Incab’s Jamshedpur plant currently has a strength of around 900-odd employees.
In the mid-1990s, Malaysian promoter Leader Universal Berhad Cables took over the firm. But, the company started suffering losses and slid deeper into the red.
As it was suffering losses Incab was referred to the BIFR in 1999, a year before Jharkhand was carved out of Bihar.
Since then the employees are deprived of their monthly salary and other benefits.
