Excel glass manufacturing unit e-auction to be held subsequent week
1 min read By Express News Service
ALAPPUZHA: The National Company Law Tribunal (NCLT) will maintain one other public sale of the Excel glass manufacturing unit on Friday. It can be held on-line from 3 to 5pm. The firm, which ceased functioning in 2012, has belongings value over `250 crore. Though the tribunal had set the bottom value for the public sale at lower than `90 crore, there have been few takers.
The NCLT has initiated steps to liquidate the corporate to pay compensation to workers and meet the liabilities of the corporate administration. The tribunal had appointed a liquidator for the aim and the primary e-auction was performed in September 2020.
“The company which owns properties situated beside the NH 66 at Pathirapilly is mainly owned by the state government. The liquidator plans to sell off the firm for around `90 crore which is quite less. So the state should participate in the auction and take over and reopen the factory for the benefit of employees,” stated a former staffer.
