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Will Gujarat NRE be liquidated in new manner?

The National Company Law Tribunal's Kolkata chapter has..

The National Company Law Tribunal's Kolkata chapter has reserved the expected liquidation order on Gujarat NRE Coke after its management provided the debt-laden company's human resources data to the dedicated bankruptcy court.

Staff unions said that their jobs, upon the company's liquidation, should be saved as Gujarat NRE Coke is a running company and has made operating profits in October and November, said a person who attended the court.

The tribunal said that while passing an order, it will consider the prayers of the affected employees. Liquidation of the company as a going concern could both save their jobs and fetch a better price.

"This would yield more value to the creditors and also save their livelihoods," said another person present in the court.

On Monday the dedicated bankruptcy court sought Gujarat NRE Coke's employee details. No concrete plans of revival in the Rs 4,900-crore default case could be reached before the clock ran out.

Resolution professional Sumit Binani submitted his report to the Kolkata Chapter of the bankruptcy court in the case in which the stipulated period of 270 days to hammer out a resolution plan is over.

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