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NCLT has ordered liquidation of HPC: Minister
Spl Correspondent

File photo of Nagaon Paper Mill
 NEW DELHI, June 24 - The Centre on Monday reaffirmed that the National Company Law Tribunal (NCLT) has on May 2 ordered liquidation of Hindustan Paper Corporation Limited (HPC) that owns Nagaon and Cachar paper mills in Assam.

In reply to a Rajya Sabha question by Assam Congress MP Ripun Bora, Minister for Heavy Industries and Public Enterprises Arvind Ganpat Sawant said that the HPC Chairman and Managing Director had filed an appeal in the NCLT against the order of June 13, 2018 of NCLT, but the appeal was dismissed by appellate tribunal.

The HPC’s Nagaon Paper Mill, Jagiroad and Cachar Paper Mill, Panchgram are presently non-operational. The NCLT through an order directed initiation of corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016 against the HPC.

Following the NCLT order, as per the provisions of IBC, the HPC board of directors stands suspended and a resolution professional (RP) and a committee of creditors have been appointed for the HPC. Accordingly, the Board for Industrial and Financial Reconstruction (BIFR) has also been dissolved, while all pending cases before the BIFR stand abated.

Last week, the Union minister had told a delegation of BJP MPs of Assam led by Union minister for state Rameswar Teli that the Central government would try to revive the two paper mills.

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