Insolvency professional takes charge at JCT Ltd as workers’ hope renewed
In a significant development in the corporate insolvency proceedings of Jagatjit Cotton Textile Mills (JCT) Ltd, Insolvency professional Hasti Mal Kachhara officially assumed charge of the company’s affairs on Friday at its Phagwara premises.
Appointed by the National Company Law Tribunal (NCLT), Mr. Kachhara arrived with his resolution team, marking the formal start of efforts to revive or restructure the financially troubled textile manufacturer.
This takeover follows a National Company Law Tribunal (NCLT) ruling dismissing multiple applications from the previous management due to continued defaults and non-compliance with tribunal directives. With this legal clearance, the insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) is now progressing under the supervision of the newly appointed Resolution Professional.
The arrival of Kachhara was met with cautious optimism by former employees gathered at the plant gates. The ex-employees union welcomed the change as a crucial step towards justice for workers who have endured years of wage delays, unsettled dues and broken promises. Ram Kumar, a former technician, said, “We’ve been fighting for our wages for so long. With Kachhara now in charge, we feel that our voices might finally be heard.”
Sukhdev Singh, who worked at JCT for over two decades, criticised the previous management under Samir Thapar and Mukulika Sinha for mismanagement and lack of accountability.
Former office assistant Poonam Rani highlighted the absence of transparency, expressing hope for fair and swift action from the RP. Supervisor Baljeet Kaur called the transition “the beginning of justice,” while Harpreet Gill blamed neglect for the company’s collapse.
The workers’ union is preparing a formal submission of unresolved claims, including unpaid wages, provident fund contributions, gratuity, and other entitlements. The RP’s office will verify these claims alongside those of financial creditors and operational stakeholders.
Once a prominent textile sector name and major Punjab employer, JCT Ltd has faced years of decline and financial distress. The ongoing corporate insolvency resolution process will evaluate plans, identify potential investors, and assess the feasibility of continuing operations.
While the final outcome remains uncertain, workers focus on restoring their rights and dignity after years of hardship. The resolution team has maintained a reserved stance, assuring all actions will follow IBC provisions and NCLT oversight. For now, the presence of a court-appointed professional has renewed hope among those long unheard.
As one worker quietly remarked while watching the RP’s team enter the building, “This is not just about money. It’s about being treated fairly, at last.”
Jalandhar