The winding up petition of M/s Daewoo Motors (India) Ltd. was filed in the Delhi High Court on 05.02.2003. The company is presently under liquidation.
The factory of the company was sold under the orders of the Debt Recovery Tribunal (DRT), Mumbai. The sale proceeds are still with the DRT, Mumbai.
A committee appointed to scrutinize the claims of the workmen of the company has already submitted its report to the Hon’ble Delhi High Court where the matter is pending adjudication.
This information was given by the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh in the Rajya Sabha today in reply to a written question whether it is also a fact that the liquidator had sold the company to Argentum Motors four years back without settling the claims of employees and the action being taken by the liquidator and the time-frame to settle the claims of the employees who are reeling under price rise and unemployment.