The Delhi high court has deferred its final hearing on Incab Industries Ltd following a plea today by a company that had bid unsuccessfully for the ailing cable manufacturer last October, it is learnt.
The high court is reported to have asked all the parties concerned to file within two weeks their replies on the status of an earlier writ filed by Pegasus Asset Reconstruction Pvt Ltd, a Mumbai-based company that had been one of the bidders for Incab last October.
The court, which was scheduled to dispose of all issues relating to Incab at two hearings over October 5 and October 8, has listed the case for November 21.
According to sources, Pegasus told the court Friday that its writ petition challenging an alleged deal struck by RR Kabel, another bidder, with Incab’s financial institutions had not been disposed off. So it would not be appropriate for the court to take up any other issue relating to Incab, a sick company now registered with the Board for Industrial & Financial Reconstruction (BIFR).
In an earlier writ, Pegasus had claimed that the Appellate Authority for Industrial & Financial Reconstruction (AAIFR) had issued a stay that RR Kabel had ignored and proceeded to talk of rescheduling dues.
Kabel, Pegasus, Pune-based Silver Jubilee Pvt Ltd and Kolkata-based Landlease were in the fray last October for Incab.
Tata Steel, at the request of some of Incab’s trade unions, had agreed in April this year to bid for Incab and had submitted a revival package for the court’s perusal.
Malaysia’s Leader Universal Holdings Bhd had last taken over Incab but dumped it after accumulating losses without being able to get production started.