Tayo Rolls case heard at NCLT

Jamshedpur, January 12: Hearing in the case of Tayo Rolls Limited versus Suresh Narayan Singh who is the authorised representative of 284 workers of the company case continued  at the National Company Law Tribunal (NCLT) Kolkata bench.

The bench of judicial member Rohit Kapoor and technical member Balraj Joshi were informed by advocate Akhilesh Srivastava, on behalf of the workers, that the resolution professional knew that 350 acres of land owned by Taiyo did not belong to Tata Steel but to Tayo.

He further alleged that  the resolution professional was also aware that the workers’ quarters built on 102 acres of land also belonged to Tayo and  thus Tayo is the owner of 452 acres of land and if a proper resolution plan was made and it was revived, then a new company would become the owner of this entire 452 acres of land.

He told the court that the Resolution Professional should have informed to the NCLT and filed a petition/application and got orders passed from NCLT to provide the land documents from Tata Steel, AIDA and Jharkhand Government. But the resolution professional did not file any application in NCLT after dealing with Tata Steel.

He further said that due to Tata Steel’s illegal occupation of 350 acres of Tayo land and the control of the entire factory by Tata Steel’s security guards, no resolution proposer came forward for the revival of the company.

He further said that the resolution professional did not even begin the process of revival of Tayo.

Akhilesh pleaded that the resolution professional Anish Aggarwal should be removed with immediate effect and Tayo should be freed from Tata Steel and the resolution process should be restarted for revival of the company.