Revival of Paper Mills in Assam

Speed Post News Network

New Delhi : Cachar Paper Mill, Panchgram and Nagaon Paper Mill, Jagiroad, are mills of Hindustan Paper Corporation (HPC)Limited in Assam.  They are at present non-operational.

The National Company Law Tribunal (NCLT) through an order dated June 13, 2018, directed initiation of Corporate Insolvency Resolution Proceedings under the Insolvency and Bankruptcy Code (IBC), 2016 against HPC. Thereafter, as per the provisions of IBC, the Board of Directors of HPC stands suspended and a Resolution Professional (RP) and a Committee of Creditors have been appointed for HPC.

The Chairman and Managing Director, HPC, had filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the aforementioned order dated June 13, 2018 of NCLT. However, the appeal was dismissed by Appellate Tribunal vide order dated January 8, 2019. The NCLT, during the hearing of the case on May 2, 2019, has ordered for the liquidation of HPC.

This information was given by the Minister for Heavy Industries & Public Enterprises, Arvind Ganpat Sawant, in written reply to a question in the Lok Sabha on July 9, 2019, according to a PIB release.