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NCLT seeks employee details from Gujarat NRE

MUMBAI: The National Company Law Tribunal has sought Gujarat..

MUMBAI: The National Company Law Tribunal has sought Gujarat NRE Coke's employee details as it is expected to deliver Tuesday its final order on the company's liquidation, with no concrete plans of revival in the Rs 4,900-crore default case being reached before the clock ran out.

The resolution professional, Sumit Binani, has submitted his report to the Kolkata chapter of the dedicated bankruptcy court in the case in which the stipulated period of 270 days to hammer out a resolution plan is over.

Lawyers for the affected members of the staff argued that the court may order liquidation as a going business entity instead of shutting it down first to sell the company's assets, said an executive who attended the court hearing. The person is not authorised to talk to the media.

The company didn't comment.

"The court will take the final call after going through the data on human resources and other details that it has sought," said another person familiar with the proceedings.

The counsel appearing on behalf of workers' and employees' unions also said that they are moving the Supreme Court.

Gujarat NRE Coke had received expressions of interest from four entities, including the Sun Pharma-controlled Suraksha Asset Reconstruction Co. None of them, however, translated into a binding bid for the floundering company.

Employees and workmen unions are said to have submitted a resolution plan, but it came in too close to the deadline to be considered by NCLT.

"The plan could not be considered due to time limit," said a source.

The committee of creditors rejected resolution proposals received within the 270-day deadline under the insolvency code.

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