MD Shukla, president of Dunlop told PTI over phone from Delhi that the BIFR directive would help the company in meeting funds crisis, and the mortgaging of the properties would be arranged in a couple of days.

He said that BIFR, in its hearing on Wednesday, had asked the company to continue as a `holding operation' till the Draft Revival Scheme (DRS) was passed by the board after incorporating some changes.

Regarding the objections raised by the banks, Shukla said that the company had suggested that the dues to the banks, particularly the State Bank of India and United Bank of India, would be met from the reserves which were initially earmarked for expansion of the company in the DRS.

Mr Shukla said that this change would have to be incorporated before placing the DRS for sanction by BIFR. Regarding sale of properties, as envisaged in the DRS, Mr Shukla said that BIFR has constituted a sale committee consisting of representatives from banks, the company, IDBI, the West Bengal government, besides its own nominee.

As per the BIFR order, the money raised from sale of assets, considered to be the pivot for all revival schemes, would be put in an escrow account, Mr Shukla said.

Hailing the BIFR decision, Mr Shukla said that Dunlop's future looked positive and the changes would be incorporated soon for speedy sanctioning of the revival scheme.

Meanwhile, the company had been confronted with a serious working capital crisis and the salaries and wages of employees and workers were already running at a backlog.

When asked whether the company would retain the same consortium of bankers after meeting their dues, Mr Shukla said that if they wanted so, then Dunlop would be happy to do that.