``We have decided to form asset sale committee as proposed by the financial institutions. The committee will have two representatives of promoters and one each from IFCI and IDBI,'' a top JCT official said.

The committee's priority will be the sale of 15 acres at Phagwara in Punjab. Once the sale is over, the panel will expedite the sale process of the company's steel unit in Hoshiarpur.

``JCT was negotiating with Tisco for the sale of the steel plant. Tisco is yet to get back to us on whether it is actually interested in the deal,'' said the official.

JCT's plan to dispose of its corporate headquarters here is stuck as the lease period for the buildingexpired on March 31. The company has filed an application with the Brihanmumbai Municipal Corporation (BMC) for the renewal of the lease agreement. The company has already appointed noted international property consultants Knight Frank to find out a buyer for the corporate house.

Tenants at the corporate headquarters have been opposing the sale right from the beginning. Tenants are demanding suitable compensation for vacating the place which they have been occupying for a long time, according to real estate sources.

Financial institutions have also asked JCT to revamp the board and pump in more money to bring the company back on the rails. The revamped board will have more representatives from financial institutions and more professionals. This is a prelude to bringing in more professionalism into the company.

Since the sale plans are not proceeding on expected lines, the promoters are believed to be actively considering the option to raise the money from other group companies.

The company is planningto hive off the synthetic fibre division into a separate company after Indonesian major Polysindo backed out of a deal.

Polysindo after signing an MoU with JCT has dropped the plan as JCT demanded a higher revision in the price due to an uptrend witnessed in the polyester prices.