Phagwara, Sept 28— Workers of the closed JCT company have leveled serious allegations against Resolution Professional (RP) Umesh Garg, management members Sameer Thapar and Mukilika Sinha, and bank officials, accusing them of collusion, asset siphoning, and failure to clear dues.
On September 25, the newly appointed RP, Umesh Garg, arrived at JCT Chowk to assume charge.
“Before taking over, he reportedly met Thapar and Sinha in Delhi and assured them that banks would have the “first right” over sale proceeds of JCT. Workers, however, countered that under insolvency laws, dues of employees, provident fund, and statutory departments must be settled first, with banks ranking lower,” workers said.
Between November 2023 and March 2024, workers allege, 14 transformers, electrical motors, cables, spare machine parts, and thread stock were sold off with the support of Thapar, Sinha, and their associates, including Dinesh Kochhar of Phagwara and company officials Pawan Verma and an electrical engineer.
“The proceeds remain unaccounted for, and no bank has questioned the management.”
The workers also rejected Garg’s statement that provident fund (PF) dues would only be paid if deposits existed in the trust.
“PF money was deducted from our salaries. We want the full amount back,” they said.
Thapar is further accused of diverting company funds into his other firm, Musk Holding, and others. In 2021, the Enforcement Directorate and the Income Tax Department raided JCT over suspected black money, but no follow-up action was taken. The Income Tax Department has since issued notices to Thapar, workers claim.
They also allege that Thapar and Sinha have been withdrawing money illegally for years, showing losses to cover the trail, and now plan to move goods from the company premises and the MD’s bungalow. “Not a needle will be removed until workers receive their dues,” they warned.
Workers said Chief Minister Bhagwant Mann was briefed in February and directed the DC to resolve the issue within a month, but seven months later, nothing has changed so far.
A Labour Department meeting in Chandigarh on February 14 had instructed the PF Department to recover dues from PF trustees and file FIRs if Thapar and Sinha failed to deposit funds. Yet, no FIR has been registered against trustees, the workers pointed out.
“FIRs have been filed against Sameer Thapar and Mukilika Sinha, but the administration is still not arresting them,” the workers said, demanding urgent intervention.
Read more: Amid Insolvency JCT Phagwara Colony Remains without Power, Water
