- (1.) Ld. Counsel on behalf of RP as well as Ld. Counsel for the Central Bank, Bank of India, Syndicate Bank and State Bank of India, promoter shareholders, financial creditor and the corporate debtor are present.
(2.) Ld. Counsel for promoter shareholders has submitted that due to non-release of fund by the banks, employees' wages are outstanding. Further it is difficult to run the company as the banks stopped releasing further fund to the company.
(3.) Ld. Counsel appearing on the corporate debtor submitted that Hon'ble NCLAT on 09/08/2017 has passed the order that "Until further order respective Insolvency Resolution Professional(s) will ensure that the companies remain ongoing and the manufacturing and production of the companies do not suffer, payment of wages to the employees/workmen are made on time and if any material is supplied during the corporate resolution process, the payment must be paid to the supplier/creditor.;