SANJIB BANERJEE - (1.) The Court : C.A.No.593 of 2015 is an application by some erstwhile employees of the company (in liquidation). The applicants claim that their dues of about Rs.8 crore till the date of the company being wound up have not been paid despite the company,at the time of its liquidation,being a Central Government undertaking.
(2.) It appears that pursuant to a Nationalisation Act of 1984, a privately -run companywas taken over by the Central Government for the purpose of ensuring that the employees of the companywere not jeopardized by the imminent closure of such company.
(3.) Under the Central Government's management, the company (prior to its liquidation) operated two principal units at Tangra and Kankinara. In or about 1990 a reference pertaining to the companywas made under the SickIndustrial Companies (Special Provisions) Act, 1985 and the Board for Industrial and Financial Reconstruction (BIFR) recommended that for saving the Kankinara unit of the company it was necessarythat theland and the entirety of the Tangra unit should be sold. The Tangra unit was, accordingly, sold.;