The State government has decided to appeal against the National Company Law Tribunal’s (NCLT) order to hand over the Steel Authority of India’s steel complex at Cheruvannur in Kozhikode to Chhattisgarh Outsourcing Services Limited.
Industries Minister P. Rajeeve said that the appeal would be based on the facts that the tribunal order on May 2 was issued without hearing the State government’s side and in violation of the lease conditions fixed by the government.
The Steel complex, which was ordered to be handed over, is a joint venture between the Steel Authority of India (SAIL), a central public sector unit (PSU), and Steel Complex Limited, a State PSU. The order to hand over the company was made under a resolution plan filed by Chhattisgarh Outsourcing Limited, citing default in repayment of a loan of ₹45 crore taken by the firm in 2013 from Canara Bank.
