Incab revival receives boost, August 27 set for new bidder

Jamshedpur, August 22:. The initiative to revive Incab Industries has started once again. The new Resolution Professional (RP) deputed by the National Company Law Tribunal (NCLT) has issued an expression of interest under which any company or a private individual who wants to run the ailing Incab Industries can apply for it before August 27.

Pankaj Kumar Tibrewal has been made the new RP by NCLT, through whom he has started the initiative to revive the company. Incab Industries has a number of corporate and non-corporate entities with outstanding liabilities of crores of rupees. In such a situation, the interested company or institution will have to pay the due amount first. At the same time, after the expression of interest issued by the RP, many creditor companies have claimed to get their dues which has been uploaded by RP in the official website of Insolvency and Bank Corruption Code of India (IBCCI).

Corporate experts say this process will help the RP know how much the company owes and whether it can be revived or not. If not revived, the company’s immovable assets can be sold to pay off the creditors’ dues.

Many companies have submitted their claims in the Expression of Interest issued by RP.

The claimants include Tata Steel, Fireworth Financial Services Ltd., M/s Bhid Plastic Industries, ICICI Bank Ltd., M/s Sakshi Suppliers, Classic Co-Operative Housing Society, M/s Pranav Catering Services, Pegasus Estates Re-Construction Ltd., Life Insurance Corporation of India, Oriental In Source Company Limited, United India Insurance Company Limited, Punjab National Bank, National Insurance Company Limited, Atul Sethia, Dungri Devi Sethia & Sunita Sethia, Tarun Sethia among others.

Incab Industries has immovable properties in many states across the country. Apart from the Jamshedpur plant, it has corporate offices in Kolkata, a plant in Pune and also the company’s office in Connaught Place, New Delhi.

In the year 1920, 171 acres of land was allotted by Tata Steel to Jamshedpur-based Incab Industries for running the plant, including staff quarters, hospital and community centre.  The matter is pending in the Jharkhand High Court over who is the owner of Incab Industries.