National Company Law Tribunal’s Kolkata chapter has ordered liquidation of Gujarat NRE Coke, a company that failed to resolve the Rs. 4,900 crore default case.
But, there is twist! For the first time under Insolvency and Bankruptcy Code, the dedicated bankruptcy court has mandated to liquidate the company as an “on-going concern”, which is aimed at protecting about 10,000 people from unemployment or joblessness.
“It is further state that by closing the company and by discharging 1,178 employees, their families, numerous small vendors, suppliers, contractors, job workers and transporters of the company totalling about 10,000 people will also be affected,” Jinan K R and V P Singh said in their order at NC LT Kolkata.
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