and about Rs 7.5 Crores as loan to alleviate the severe financial crisis of the Corporate Applicant. However, continuous infusion of funds from the Rubber Board was not possible due to budget constraints, and hence a revival proposal of the Company was submitted to the Government of India in 2014 seeking fund support. The same was not considered by the Government of India as per direction from the Ministry of Commerce and Industry. The company approached the Govt of Kerala also in this regard but with no positive response. Thereafter, the Corporate Applicant took another step to continue the operations, the unit was given on wet-lease i.e., including employees to a private entrepreneur group M/s Indiawood Industries in November 2015, however, they left the lease after three months, stating the reason of non-co-operation from employees and nonviability of the unit with the existing strength of workforce of about 300 in number including contract labourers. Since February 2016 the unit is not operational. It is stated that another revival proposal was again submitted to the Government of India and the Government of Kerala in August 2016 seeking fund support for reviving the unit, which also could not materialize. Thereafter, the company filed an application No: 127/2015 dated 07.07.2015 before the BIFR for reliefs but during the course of the hearing the BIFR was dissolved.
