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Daijiworld Media Network - Mangaluru (DV)

Mangaluru, Oct 11: The Dakshina Kannada Contractors and Suppliers Association (DKCSA) held a protest was held at the premises of Town Hall here on Wednesday October 11, making an urgent appeal to the public and local administration to assist in recovering payments owed to micro, small, and medium enterprises in the region.

Maxim Sebastian, president of DKCSA said, “These payments are critical for the survival of numerous MSMEs that have been severely affected by the takeover of JBF Petrochemicals by GAIL through the National Company Law Tribunal (NCLT).

“Despite their significant contributions to the project, the NCLT has allocated a mere 5.70 percent of the total claims to MSME units while offering 43.33 percent to financial creditors. Additionally, 100% of claims for employees and workmen's salaries have been approved as per the resolution plan. Even after some MSME units applied through the MSME units and the MSME SAMADHAAN Scheme and submitted MSEFC final orders and arbitration awards, the insolvency resolution professional has not recognized them as secured creditors,” he said.

Secretary of organisation M D Poojary, vice president Ganesh, treasurer Arun Kumar, and others were present.