PRESI. SECY, J.K.SYNTS.MAZ.UN.,KOTA&ANR vs ARFAT PETROCHEMICALS PVT.LTD .

The Supreme Court addressed the appeals concerning the rehabilitation of J.K. Synthetics Ltd. under the Sick Industrial Companies (Special Provisions) Act, 1985. The Court held that the AAIFR's approval of the Draft Rehabilitation Scheme was valid and that the obligations under the Tri-Partite Labour Settlement Agreements (TLSAs) must be honored by Arafat Petrochemicals Pvt. Ltd. The Court emphasized that the workmen's rights must be protected, and the First Respondent is bound to provide employment as per the TLSAs, thereby upholding the labor rights in the context of corporate restructuring.