The employees of Incab Industries Limited’s head office in Calcutta on Friday prevented the representatives of Shashi Agarwal, the liquidator of the company, from entering the office at 9 Hare Street as a protest against the recent liquidation order passed by National Company Law Tribunal (NCLT).

Sources in Incab’s head office revealed that around 20 employees gathered outside the office where the liquidator had sent a team to lock the office gate.

“Prevented entry, they left the head office in a hurry and threatened to lodge a case at the local police station,” a source said.

On Thursday, the National Company Law Appellate Tribunal (NCLAT) in New Delhi passed an order in which it had stated: “Any action taken in liquidation proceedings shall be subject to the outcome of the appeal.”

The next NCLAT hearing on a case between Jayanta Banerjee, a former union functionary, and Shashi Agarwal is slated on March 24.

On the NCLAT’s order, Aloke Sen, assistant secretary of Incab Industries Association, said, “Though NCLAT has not imposed a stay on the NCLT’s liquidation order, it has made it clear that any action taken by the liquidator will be binding on him if he loses the case.”

While hearing the Incab case on Thursday, Calcutta High Court asked how Kamala Mills, a unit of RR Kabel, one of the previous bidders, could purchase the debts from Assets Reconstruction Company Limited, a financial institution that buys the bad assets from banks.

According to RBI guidelines, Kamala Mills, being a private firm, cannot buy debts of Incab from banks and other financial institutions.

Talking to The Telegraph on Friday, Sen wondered how could the Calcutta-bench of NCLT, which passed the liquidation order on February 7, overlook this .

“Shashi Agarwal, who was earlier the resolution professional, also did not pay heed to this in the committee of creditors meeting. Kamala Mills buying debts of Incab is illegal,” he said.

The next hearing in Calcutta High Court is scheduled on March 5.