NEW DELHI, July 4 - It is end of the road for the Nagaon Paper Mill and Cachar Paper Mill, with the National Company Law Tribunal (NCLT) commencing corporate insolvency proceedings against the Hindustan Paper Corporation Limited (HPC).
According to a notification published today for creditors of the company, the estimated closure of the insolvency resolution process is December 9. The creditors have been asked to submit their claims by July 10 for interim resolution.
While the HPC-owned Nagaon Paper Mill at Jagiroad has been lying defunct since 2015, the company�s Panchgram-based Cachar Paper Mill has stopped functioning since 2014. Ahead of the 2016 Assam Assembly election, Prime Minister Narendra Modi during campaigning in Cachar had committed that if the BJP returned to power in the State, both the mills would be revived.
State Industries and Commerce Minister Chandra Mohan Patowary in an Assembly reply on April 5 had said that the Central government was considering a financial restructuring plan for revival of the two paper mills, and any monetary package in this regard would depend on the final decision of the Centre.
�Though the mills do not directly fall under the State government�s jurisdiction, we have been in touch with the Union Ministry of Heavy Industries & Public Enterprises for revival of these two mills,� he had said.
