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Contemporary plea in NCLT searching for liquidation of two closed paper mills in Assam – enterprise information

The liquidator for the state-run Hindustan Paper Company Restricted (HPCL) has submitted a contemporary plea within the Nationwide Firm Legislation Tribunal (NCLT) searching for liquidation of the company’s two closed paper mills in Assam.

The contemporary software was filed by Kuldeep Verma, liquidator for HPCL, earlier than NCLT’s Bench-II in New Delhi on September 14 – 4 days after Assam authorities despatched a letter to Verma searching for a month’s time for revival of the closed mills and clearances of all due of workers and employees.

Manufacturing at HPCL’s Cachar Paper Mill (CPM) closed on October 20, 2015 whereas the Nagaon Paper Mill (NPM) has remained closed since March 13, 2017. Practically 1,200 workers of each the mills haven’t obtained salaries for over two years.

The matter of liquidation of the 2 paper mills has been pending with NCLT. The ultimate listening to within the case is slated for Monday.

“It will be expedient and within the curiosity of all stakeholders for the property of the company debtor (HPCL) to be liquidated in order to maximise the belief for distribution among the many stakeholders as per regulation,” the applying said.

“The applicant is, within the aforesaid information, submitting the current software praying for issuance of instructions allowing the liquidator to proceed with liquidation of the company debtor HPCL in accordance with regulation,” it added.

The applying talked about that every one “honest efforts” for revival of the paper mills “haven’t yielded any optimistic end result” and granting any additional time wouldn’t be as per authorized provisions or earlier selections of the Supreme Court docket on the matter.

It was said that vast bills are being incurred on a month-to-month foundation in the direction of safety costs, insurance coverage premium, important companies for primary repairs of the paper mills and townships and so on. and the identical is detrimental to the curiosity of the stakeholders.

On September 10, the Assam authorities had written a letter to Verma searching for a month’s time to revive the mills.

“Authorities of Assam has at all times taken a stand that the closed HPCL mills have to be revived on the earliest. Attributable to closure of the mills, over hundreds of employees and workers have been rendered jobless. Native financial system has additionally bought severely affected,” the letter said.

“Kindly take up the matter with NCLT to grant one month’s time because the state authorities is making honest efforts and pursuing the matter with the central authorities for revival of the closed mills and clearances of all dues of workers and employees,” it added.

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