UditVani, Jamshedpur : The Kolkata bench of National Company Law Tribunal (NCLT) today issued orders on 22 petitions in the ailing Incab Industries Ltd case.
These included petitions relating to the resolution plan, provident fund claims, claims of financial creditor Tropical Ventures Limited, and claims of other creditors.
NCLT directed to send the resolution plan submitted by the bidder Vedanta Ltd back to the Committee of Creditors (CoC) for reconsideration.
Furthermore, special directions were issued on some petitions, while other petitions were dismissed.
Today the statutory body , which helps in revival of sick industries, passed various directions disposing of all the 22 petitions, which is considered an important step in the process of resolution in Incab’s case.
Notably, after prolonged hearing which continued for over two years NCLT’s Kolkata bench reserved the order in November last year.
The two- member NCLT bench pronounced the order this afternoon bringing all speculations to the end.
Considered a blue-chip company Incab was lying non- functional for more than 24 years now.
The company was referred to the erstwhile Board for Industrial and Financial Reconstruction ( BIFR ) in the year 2000 later the case got transferred to NCLT which came into being in 2016.
Employees and those who have superannuated during the course of time are apprehensive of a positive outcome and getting back their outstanding dues.
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