NCLT to resume crucial hearing on ailing Incab Industries on Oct 10
PINAKI MAJUMDAR Jamshedpur, Oct 8: The long-pending revival saga of Jamshedpur-based Incab Industries Limited, once a premier name in the cable manufacturing…
PINAKI MAJUMDAR
Jamshedpur, Oct 8: The long-pending revival saga of Jamshedpur-based Incab Industries Limited, once a premier name in the cable manufacturing sector, is set to come up for another critical hearing before the Kolkata Bench of the National Company Law Tribunal (NCLT) on October 10.
The company has remained non-functional for nearly 25 years, symbolizing one of the longest industrial impasses in the region’s history.
Founded in 1930, Incab Industries was once a thriving enterprise, producing power and telecom cables that catered to both domestic and international markets.
However, financial mismanagement and mounting debts pushed the company into a downward spiral by the late 1990s.
The factory finally shut its gates around 1999–2000, leaving thousands of employees in uncertainty and dealing a severe blow to the local economy.
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Over the years, several attempts at restructuring and revival have collapsed amid legal complexities, conflicting claims from stakeholders, and lack of concrete investment proposals.
The case has passed through multiple legal forums, including the erstwhile Board for Industrial and Financial Reconstruction (BIFR), and later transitioned to the NCLT framework after the implementation of the Insolvency and Bankruptcy Code (IBC).
The upcoming NCLT hearing is being closely watched by former employees, trade unions, and potential bidders.
Many hope it may finally pave the way for a decisive resolution—either through a viable resolution plan or a liquidation roadmap.
Sources indicate that a few investor groups have shown interest, but no firm proposal has yet materialized.
Meanwhile, the sprawling Incab premises in Jamshedpur’s Golmuri area have deteriorated significantly, with abandoned factory sheds, rusting equipment, and overgrown vegetation bearing testimony to years of neglect.
Former workers continue to fight for their pending dues, provident fund arrears, and post-retirement benefits, even as the legal proceedings drag on.
“We have waited for justice for more than two decades. Every hearing brings new hopes, but decisions keep getting deferred,” said an employee, expressing cautious optimism ahead of the October 10 hearing.
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Industrial observers believe that a swift and transparent resolution process is crucial not only for the ex-employees but also for reviving industrial activity in the region, which has seen major structural shifts in the last two decades.
The state government and local administration are also expected to monitor the proceedings, given the socio-economic impact of the case.
As the NCLT Kolkata Bench prepares to resume deliberations, all eyes are set on whether this hearing will mark a turning point in Incab’s prolonged legal and industrial limbo, or if the stalemate will continue to haunt yet another generation.
