The writ petition was filed by M/S Lml Limited, under liquidation, challenging an award by the Industrial Tribunal. The company, a manufacturer of geared scooters, faced financial difficulties due to changing consumer preferences and filed a reference before the Board for Industrial and Financial Reconstruction (BIFR). Strikes and lockouts ensued, leading to a settlement in 2007. Subsequently, an industrial dispute was referred to the Industrial Tribunal regarding the legality of a lay-off implemented in 2007. A corporate insolvency resolution process (CIRP) was initiated against the company, and it was eventually ordered into liquidation by the NCLT after a resolution plan was rejected.
M/S Lml Limited, a company engaged in manufacturing geared scooters, faced financial difficulties due to a shift in consumer preference towards motorcycles in the late 1990s. The company suffered substantial losses and underwent partial restructuring in 2005. Due to rapid erosion of net worth, a reference was filed before the Board for Industrial and Financial Reconstruction (BIFR). Workmen resorted to strikes and demonstrations, leading to a lockout in 2006. A settlement was reached in 2007 before the Additional Labour Commissioner, but a splinter group of workmen challenged it. The State Government referred an industrial dispute to the Industrial Tribunal regarding the legality of a lay-off implemented on April 15, 2007. A corporate insolvency resolution process
…Sign in to view the parties.
Enactment of the Sick…
Around the late 1990s, the Company suffered…
The writ petition was filed by M/S Lml Limited, under liquidation, challenging an award by the Industrial Tribunal. The company, a manufacturer of geared scooters, faced financial difficulties due to changing consumer preferences and filed a reference before the Board for Industrial and Financial Reconstruction (BIFR). Strikes and lockouts ensued, leading to a settlement in 2007. Subsequently, an industrial dispute was referred to the Industrial Tribunal regarding the legality of a lay-off implemented in 2007. A corporate insolvency resolution process (CIRP) was initiated against the company, and it was eventually ordered into liquidation by the NCLT after a resolution plan was rejected.
M/S Lml Limited, a company engaged in manufacturing geared scooters, faced financial difficulties due to a shift in consumer preference towards motorcycles in the late 1990s. The company suffered substantial losses and underwent partial restructuring in 2005. Due to rapid erosion of net worth, a reference was filed before the Board for Industrial and Financial Reconstruction (BIFR). Workmen resorted to strikes and demonstrations, leading to a lockout in 2006. A settlement was reached in 2007 before the Additional Labour Commissioner, but a splinter group of workmen challenged it. The State Government referred an industrial dispute to the Industrial Tribunal regarding the legality of a lay-off implemented on April 15, 2007. A corporate insolvency resolution process
…Enactment of the Sick…
Around the late 1990s, the Company suffered…