1 BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION ...

Case No. 149/1994 : M/s JK Jute Mills Ltd27.10.2010 wh ich wa s circu la ted by IDBI to a ll th e s ta keh olders a n d join tm eetin g wa s propos ed on 15.11.2010 for its fin a liza tion . Th e Ben chen qu ired th e repres en ta tive of OA (IDBI) a s to wh eth er th e com pa n y wou ldrevive with ou t th e s a le of a s s ets wh ich wa s s ta yed by Hon ble High Cou rtand also the Bridge loan required to be brought in by the company within aperiod of 15 da ys , if n ot in fu s ed, th e repres en ta tive of OA(IDBI) s ta ted th a ta ll th es e problem s wou ld be ta ken before th e join t m eetin g a n d th eou tcom e will be u pda ted. He requ es ted th a t th e Ben ch to fix th e n exthearing after two weeks.2.2 The representative of Punjab National Bank (PNB) submitted that thecom pa n y h a s pa id th eir du es a s per th e s ettlem en t a n d PNB m a y beexem pted from a tten din g th e Boa rd s fu tu re h ea rin gs in th is ca s e.2.3 The repres en ta tive of J K J u te Mill Ma zdoor Pa n ch a ya t(J KJ MMP),Kanpur s u bm itted th a t th e com pa n y wa s to s ta rt opera tion a s per th edirection s of th e Boa rd dt 18.09.2008 bu t th e com pa n y declared lock ou tfor 23 da ys a n d on e m on th s la y-off du rin g 2009 a n d a ga in from05.04.2010 th e m a n a gem en t of th e com pa n y decla red lock-out. Hes u bm itted th a t th e m a n a gem en t of th e com pa n y is relu cta n t to s ta rt th ecom pa n y a n d th ey a re pla yin g with th e fa te of 2300 workers . He requ es tedthe Board that stern action may be initiated against the management of thecompany and the operation may be started.2.4 The repres en ta tive of J K J u te Mill Ma zdoor Morch a (J KJ MMM),Ka n pu r s u bm itted th a t J KJ MMM wa s regis tered a s a u n ion on 01.10.2010a n d wa s im plea ded a s a pa rty in th is ca s e before th e Hon ble AAIFR. Herequ es ted th a t th e com pa n y m a y n ot b e perm itted to s ell th e a s s ets of th ecom pa n y till its reviva l a n d a ls o J KJ MMM be im plea ded a s a n eces s a ryparty before the BIFR.2.5 Th e ld a dvoca te of J K J u te Mill Tra de Un ion Sa n yu kta Morch as u bm itted th a t h is clien t wa s im plea ded a s a pa rty before th e Hon ble AAIFRand requested for impleadment before the BIFR.9