Friday, June 2, 2023

INCAB case: NCLT bench hears Vedanta resolution plan


Kolkata, March 28: The hearing of INCAB case started before the Kolkata bench of NCLT comprising members Balraj Joshi and Bidisa Banerjee on Monday. The Bench has started hearing the resolution plan of Vedanta again. Representing the workers, Advocate Akhilesh Srivastava, while taking forward his argument, said that BFIR made many mistakes. BFIR did not see that the net worth of INCAB Company was not negative, he argued.

“INCAB company had assets of about Rs 4000 crores and as per the order of Hon'ble Delhi High Court dated 06.01.2016 only Rs 21.63 crore liability which INCAB company could pay in one installment. BFIR did not find out how Ramesh Dhamandi Ram Gowani and his three persons fraudulently became directors in INCAB Company on 22.09.2008 and 04.05.2009. He did not compel the Directors to deposit the balance sheet of INCAB Company and without valuation of the assets of INCAB Company gave the company to Tata Steel which was also approved by the Hon'ble High Court and Supreme Court. But Tata Steel did not want to take the company i.e. land, laborers and its machines, its eyes were only on INCAB's land,” argued the counsel.
The advocate said that giving INCAB to Tata Steel was in violation of Article 39 B and C of the Constitution as well as other legal provisions. He further said that handing over INCAB company to Tata Steel was also practically wrong as Tata Steel had a proposal to invest Rs 10000 crores to increase its production capacity in Jamshedpur while Rs 100 to 200 crore were required for the revival of INCAB at that time also were sufficient.

The hearing could not be completed due to insufficient time, sources said.

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