PINAKI MAJUMDAR
Jamshedpur, June 7: All eyes are now fixed on June 27, when the Kolkata bench of the National Company Law Tribunal (NCLT) will conduct a crucial hearing on the city-based Incab Industries Limited. The last hearing at NCLT took place on May 25.
Notably, a resolution plan has been submitted by one of the prospective resolutions applicant, which is to be placed before the CoC (Committee of Creditors) for its consideration.
But, due to the expiry of CIRP (Corporate Insolvency Resolution Process ), prayer for making an application for an extension of time by 90 days has been considered by the CoC and approved with 96.37% voting share.
In view of the averments made in the application and submissions made in court, an extension of CIRP by 30 days from the date of this order was granted.
The Resolution Professional Pankaj Kumar Tibrewal was directed to place the resolution plan of the Vedanta before the CoC for its consideration and complete the CIRP within the extended period of 30 days. Therefore, the employees are expecting a favourable outcome at the hearing on June 27.
The ailing Incab Industries was referred to the erstwhile BIFR in 2020 as it was declared sick. There were business sharks, in this case, having a vested interest which 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 in 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.
