Depends upon the terms of offer cum appointment letter.
Yes, if recruited only for a particular project, BUT NOT, if recruited for the company without mention of termination clause on completion of a project.
On closure of establishment in India, timely intimation sufficiently in advance to the employees is a must about its intention to close the establishment and to ask them to make their alternative arrangements. Abrupt closure and retrenchment can cause a lot of problems for the company in the shape of several court cases.
Ethically, when intended to close the establishment, the company must make its best efforts to get their absorption appropriately as per their qualifications and experience in other organisations by using their good offices and liaison with other companies, so that over-age employees may not be left in a lurch.
However, if it is an industrial establishment, it must comply with the provisions of section 25F of the ID Act.