The revival plan, finalised by BIFR in November 2002, envisages sale of three properties of JK Cotton. While two properties are located in Kanpur, third is at Barakhamba Road in New Delhi.
These properties are expected to yield Rs 86 crore, which will form a major share of the Rs 108 crore revival plan.
The BIFR Bench at a review meeting said the indecisiveness of the Centre and the state government had made the revival plan redundant.
The state government has also not taken any decision on concessions allowed to a sick undertaking for its revival.
Demanding an early decision, leader of the workers union RK Tewari said the sale of even two properties would be more than sufficient.
According to Tewari, at the current market prices, the 5,500 sq metre Barakhamba Road property will fetch about Rs 75 crore and the JK Rayon land in the city Rs 50 crore.
He said the Barakhamba Road property was registered in the company
