IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD
NAGESH BHEEMAPAKA
Sirpur Paper Mills Ltd. – Appellant
Versus
State of Telangana, Rep. by its Principal Secretary, Department of Labour – Respondent
ORDER :
Nagesh Bheemapaka, J.
Petitioner, one of the oldest paper mills in the country, originally established during 1939-1940 in the then backward area of Adilabad District, with commercial production having commenced in 1942 at Sirpur Kagaznagar. They are engaged in manufacture of various kinds of paper and paper boards, having market presence even outside India. It is stated that petitioner provides employment to nearly 850 regular staff and workers and about 1,400 contract workers. A full-fledged township comprising schools, markets, police station, recreational facilities and hospitals was developed primarily for the benefit of employees of petitioner.
1.1. It is contended that for reasons beyond the control of the then management, petitioner company became a sick industrial unit and its net worth was eroded. Owing to severe lack of working capital, petitioner stopped its operations in 2014. Thereafter, operational creditors initiated proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016, which were admitted by the National Company Law Tribunal and registered as CP (IB) No. 52/9/HDB/2017. A resolution plan submitted by the Resolution Professional and approved b
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