Jute Sector

Reference to BIFR

The Company , being sick, was registered with Board for Industrial & Financial Reconstruction (BIFR). The BIFR vide order dated 08.07.2004 had confirmed winding up order of BJEL and has referred the matter to Hon’ble High Court of Kolkata. The Hon’ble High Court vide order dated 06.01.2005 directed that an Official Liquidator take possession of the assets of the company. Against the above order, BJEL Staff Association has filed an appeal in Division Bench of Hon’ble High Court, Kolkata. The orders of the single Bench dated 06.01.2005 have been stayed by the Division Bench on 17.02.2005 and continue to this day.

Against the order of BIFR, BJEL Staff Association filed an appeal before the AAIFR.The AAIFR vide order dated 3.3.08 set aside the winding up order passed by BIFR and remitted the case back to BIFR.A revival plan for BJEL prepared by IDBI was approved by BRPSE in principle on 14.04.2008. In the hearing held on 7.8.2008, BIFR appointed IDBI as the Operating Agency and directed to submit its report within 2 months.