MUMBAI: Employee buyouts or participatory managements are not commonplace in India, but the model could be explored for some companies hauled before insolvency courts, where affected staff-members at units without hopes of a revival have urged tribunals to liquidate the entities as ‘going concerns.’
“There is a growing tendency among employees and workers to save their companies going into liquidation,” said Manoj Kumar, partner, M&A-insolvency, Corporate Professionals. “It is a question of livelihood as they all will lose their jobs. This is the first time under IBC that we are witnessing such moves to save companies. Employees are seen requesting tribunals to order liquidation as on-going institution.”
Gujarat NRE Cok…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/now-employees-step-in-to-save-bankrupt-companies/articleshow/62533208.cms
