|NCLT orders liquidation of HPC|
NEW DELHI, Nov 19 - The National Company Law Tribunal (NCLT) has ordered liquidation of Hindustan Paper Corporation and appointed an Official Liquidator for HPC. Subsequently, National Company Law Appellate Tribunal (NCLAT) directed the Official Liquidator to ensure that the HPC remains a “going concern” during the liquidation. The Official Liquidator, HPC is proceeding as per the provisions of the Indian Bankruptcy Code 2016.
Union Heavy Industries and Public Enterprises Minister, Prakash Javadekar said in a Lok Sabha reply to a question raised by Pradyut Bordoloi that Cachar Paper Mill, Panchgram and Nagaon Paper Mill, Jagiroad are mills of Hindustan Paper Corporation Limited (HPC) in Assam. These mills are not in operation. The NCLT through an order directed initiation of Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC), 2016 against HPC. Thereafter, as per the provisions of IBC, the Board of Directors of HPC stood suspended and a Resolution Professional (RP) and a Committee of Creditors were appointed for HPC.
The Chairman and Managing Director, HPC had filed an appeal in the NCLAT against the aforementioned NCLT order dated June 13, 2018. The appeal was dismissed by the Appellate Tribunal vide order dated January 8, this year, the Minister said.