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ACIL clears pending bonus to workers

By STAFF Correspondent
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DIBRUGARH, Jan 30 - The Assam Company India Limited (ACIL)-owned tea gardens � Digulturrung, Oakland, Dinjan, Rungagora, Nudwa, Thanai, Hazelbank, Maijan, Greenwood, Khoomtaie, Hajua, Borborooah, Doomur Dullung, Kandoli, Kotalgoorie and Mohokutie have cleared the pending 10% bonus of their workers.

According to a release issued by CK Baruwa, vice president (Commercials) of ACIL, about 30,000 tea garden workers of the 14 tea estates owned by ACIL in the State were paid the remaining 10% of their bonus recently.

The committee of creditors had helped out the company in making payment of bonus by granting interim finance, the release stated.

It may be mentioned here that the National Company Law Tribunal in November 2017 had ordered a corporate insolvency resolution process against ACIL for defaulting on payments to SREI, an infrastructure development company. The company, which also deals in oil and gas exploration, is facing bankruptcy proceedings for failing to honour the corporate guarantee. Kannan Tiruvengadam has reportedly been appointed as resolution professional to conduct the corporate resolution process.

The company disbursed 10% of the bonus to the workers ahead of the last Durga Puja with an assurance that the remaining 10% would be paid before the Bhogali Bihu. The company could not arrange funds on time due to the bankruptcy proceedings.

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ACIL clears pending bonus to workers

DIBRUGARH, Jan 30 - The Assam Company India Limited (ACIL)-owned tea gardens � Digulturrung, Oakland, Dinjan, Rungagora, Nudwa, Thanai, Hazelbank, Maijan, Greenwood, Khoomtaie, Hajua, Borborooah, Doomur Dullung, Kandoli, Kotalgoorie and Mohokutie have cleared the pending 10% bonus of their workers.

According to a release issued by CK Baruwa, vice president (Commercials) of ACIL, about 30,000 tea garden workers of the 14 tea estates owned by ACIL in the State were paid the remaining 10% of their bonus recently.

The committee of creditors had helped out the company in making payment of bonus by granting interim finance, the release stated.

It may be mentioned here that the National Company Law Tribunal in November 2017 had ordered a corporate insolvency resolution process against ACIL for defaulting on payments to SREI, an infrastructure development company. The company, which also deals in oil and gas exploration, is facing bankruptcy proceedings for failing to honour the corporate guarantee. Kannan Tiruvengadam has reportedly been appointed as resolution professional to conduct the corporate resolution process.

The company disbursed 10% of the bonus to the workers ahead of the last Durga Puja with an assurance that the remaining 10% would be paid before the Bhogali Bihu. The company could not arrange funds on time due to the bankruptcy proceedings.

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