RIICO LTD. BHILWARA Vs. JUDGE, LABOUR COURT, BHILWARA

JUDGEMENT

(1.) These cases as per Schedule annexed, are being disposed of by this common order. These writ petitions have been filed by the petitioner- Rajasthan State Industrial Development & Investment Corporation ('RIICO' for short), against the order of learned Labour Court, Bhilwara, passed under Section 33-C (2) of the Industrial Disputes Act, 1947, ('Act of 1947' for short) dated 14.06.2012.

(2.) The brief facts, leading to filing of the present writ petitions by RIICO are like this.

(3.) A limited company incorporated under the Companies Act, 1956, known as Rajasthan Processors Engineering Ltd., Ajmer Road, Bhilwara (Employer/company), was the employer of the respondents/workmen. The said Employer/company, however, defaulted in repayment of the loans to the present present petitioner- RIICO and in exercise of its statutory powers under Section 29 of the State Financial Corporations Act, 1951 (Act of 1951), the petitioner RIICO, took over the assets mortgaged with it and sold the same to one M/s Kanchan (India) Pvt. Ltd. in the year 2007. The sale proceeds of the assets to the extent of approximately Rs.2.51 crores, still fell short of the outstanidng dues of the petitioner-RIICO and cofinancial company, viz. Rajasthan Financial Corporation (RFC) against the defaulter, RPL (I) Ltd., Bhilwara.