Revival of Paper Mills in Assam
Cachar Paper Mill, Panchgram and Nagaon Paper Mill, Jagiroad are mills of Hindustan Paper Corporation Limited in Assam, these are presently non-operational.
The National Company Law Tribunal (NCLT) through an order dated 13.06.2018 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 13.6.2018 of NCLT. However, the said appeal was dismissed by Appellate Tribunal vide order dated 08.01.2019.
The NCLT, during the hearing of the case on 02.05.2019, has ordered for the liquidation of HPC.
This information was given by the Minister of Heavy Industries & Public Enterprises, Arvind Ganpat Sawant, in a written reply in the Lok Sabha today.