INLAND STEAM NAVIGATION WORKS'UNION &ANR vs U.O.I. .

The Supreme Court addressed the closure of a company under the Industrial Disputes Act, 1947, specifically examining Sections 33C(2) and 25FF. The Court held that the closure of the company, as sanctioned by the scheme under the Companies Act, does not exempt the company from obligations to its employees under the ID Act. The Court ruled that the workers retained by the Corporation are entitled to benefits as per the earlier settlement, emphasizing the enforceability of the agreement dated 25.8.1965.