1Star Tile Works Ltd., Kallai, Calicut was ordered to be wound up by order of this Court dated 23rd July 1976 passed in C.P. 11 of 1976. The Company itself had moved for such an order as it. found that it is unable to pay its debts. Besides some secured creditors there are large number of unsecured creditors among whom are the employees of the Company to whom arrears of salary, wages, Provident Fund and Gratuity are due. With the order for winding up all these employees were thrown out of employment and as a result their families have lost the means of their livelihood. The majority of these employees wanted to make an honest attempt to restart the Company and for that purpose contacted an expert in the line to find out how the Company can restart and carry on its business. After making the necessary investigations and enquiries a project report was prepared by that expert and handed over to the group of workers who contacted him. These workers also contacted the major creditors and shareholders to find out whether the creditors will be willing to accept the payment of a lesser sum and that over a period after the restart of the Company. It seems the creditors were very reasonable