Presi. Secy, ... vs Arfat Petrochemicals Pvt.Ltd & Ors

The Supreme Court addressed the appeals concerning the rehabilitation of J.K. Synthetics Ltd. under the Sick Industrial Companies (Special Provisions) Act, 1985, particularly focusing on the validity of the Tri-Partite Labour Settlement Agreements (TLSAs) and the obligations of the new management towards the workmen. The Court held that the obligations under the TLSAs must be honored, and the First Respondent is bound to provide employment to the existing workmen as per the terms agreed upon. The judgment of the Rajasthan High Court was set aside, affirming the rights of the workmen and the enforceability of the TLSAs.