Shashi Agarwal, who was appointed liquidator for Incab Industries Limited by the National Company Law Tribunal (NCLT), on Monday issued a public notice of liquidation in a section of local vernacular dailies in Calcutta, where Incab has its headquarters.
Apart from declaring liquidation of Incab (a corporate debtor), the notice also fixed March 8 as the deadline for creditors, including employees, to stake claims for their outstanding dues.
The liquidation order, which was pronounced by the Calcutta-bench of the NCLT on February 7 according to The Insolvency and Bankruptcy Code-2016, entailed discharge of all officers, employees and workmen of the company with immediate effect.
The dissolution order came at a time when Incab, once a blue chip company, would complete 100 years on February 12. Incab was established by a British company on February 12, 1920.
The employees, including the retired ones residing at the company quarters in Incab Township, are planning to stage a demonstration near the company gate on February 12, when the company will be attaining its centenary.
Akhilesh Shrivastava, the counsel fighting the case in favour of the employees, said: “The employees are unhappy with the liquidation order. The NCLT verdict is biased and we are going to challenge it in an appropriate court of law.”
Regarding the issue of 177 acres of land on which Incab Industries and township is located, he said the NCLT has no authority to decide on the legality of Tata sub-lease .
“How can NCLT give clean chit to Tata Steel on such a contentious issue?” he asked, pointing out several other “flaws” in the NCLT order.
Sources said efforts were also being made to seek the intervention of the JMM-led state government to prevent liquidation of the company.
A senior union functionary of the company said they still have hopes of revival of the company as para 73 of the NCLT order states that there is no bar against employees to submit a revival proposal through the liquidator under Section 230 of the Companies Act, 2013.
