PINAKI MAJUMDAR
Jamshedpur, Aug 10: The Kolkata- bench of the National Company Law Tribunal ( NCLT ) has asked Tayo Rolls Limited located at Gamharia in adjoining Seraikela-Kharsawan district to provide an affidavit pertaining to the Provident Fund ( PF ) issue.
Tayo Rolls (formerly Tata-Yodogawa Limited) is a metal fabrication and processing company headquartered in Jamshedpur.
It is a subsidiary of Tata Steel facing Corporate Insolvency Resolution Process ( CIRP ) ever since it was referred to NCLT.
Confirming this development convenor of Tayo Sanghursh Samiti, Ajay Sharma said, ” In a fresh development NCLT has asked Tayo Rolls to file an affidavit on the PF issue. We are hopeful of a positive outcome.”
Notably, after the commencement of CIRP, it is evident that the Corporate Debtor ( Tayo Rolls ) is either going to face a takeover by any other investor or may get liquidated.
Akhilesh Srivastava, the counsel fighting the case at NCLT on behalf of the workers said despite the fact that Tayo Rolls and its Resolution Professional (RP) have kept the PF amount of the workmen with interest which is against law.
” Both Tayo and the RP have been asking workmen to accept the VRS/ Compensation scheme all these years given the poverty, financial distress, and agony of the workmen who have been eking out their lives all these four and half years, he said.
He went on to say that needless to state that the PF amount lying in the trust of Tayo Rolls is not part of the liquidation value of the Corporate Debtor and exclusively belongs to the workmen and is rendered immediately payable after the declaration of the moratorium.
He said in this regard, notice has been issued to the RP and the NCLT court has asked the RP to exchange an affidavit.
Tayo Rolls suspended operations in May 2016, introduced an employee voluntary separation scheme, and applied for closure of operations before Kolkata-bench of National Company Law Tribunal.
Manufacturer of steel rolls, the company was promoted in 1968 by Tata Steel in collaboration with Japanese Yodogawa Steel Works and Nissho Iwai Corporation (merged with Sojitz Corporation).
