January 30, 2023
NDTV News


Akhil Gogoi urged PM rethink the Centre’s proposal to public sale two defunct mills.

Guwahati:

Assam’s jailed anti- Citizenship Amendment Act (CAA) activist and MLA Akhil Gogoi on Tuesday wrote to Prime Minister Narendra Modi to rethink the Centre’s proposal to public sale the 2 state-owned, now-defunct Hindustan Paper Mill Corporation Limited (HPMCL) mills.

The two paper mills – Cachar Paper Mill in southern Assam’s Hailakandi and Nagaon Paper Mill in central Assam’s Morigaon district – have been defunct since 2015 and 2017 respectively, and are going underneath the hammer as auctioning to liquidate their property will start from June 15.

“The Bharatiya Janata Party was kind enough to recognise the plight of these industries. In April 2021, promises were made that the BJP-led government in Assam will not only revive the paper mills but augment production, increase bamboo production in Assam and scale-up paper distribution all over India,” the unbiased MLA from Sibsagar mentioned.

“This was a matter of sheer happiness not only for those beleaguered employees, but also for Assam’s industrial prospects. However, the latest notice for an e-auction would indeed be a severe blow to all those promises,” Mr Gogoi additional added.

Emphasising that the 2 crops have been symbols of contemporary Assam’s financial prosperity after the oil and tea sectors, Mr Gogoi mentioned within the letter, “I hope you would look into the matter urgently so that the e-auctioning of the Nagaon and Cachar Mills could be cancelled.”

The shutting down of operations within the two mills have left over 1,200 staff beleaguered as a consequence of non-payment of financial dues.

In June 2018, the National Company Law Tribunal (NCLT) directed initiation of Corporate Insolvency Resolution Proceedings underneath the Insolvency and Bankruptcy Code (IBC), 2016 towards HPC, which had earlier submitted a Rs 1,995-crore revival proposal to the federal government.

During the listening to, the NCLT ordered liquidation of the 2 mills, though the BJP-led state authorities had been promising revival of the 2 crops since former Chief Minister Sarbananda Sonowal assumed energy in 2016. However, after a number of rounds of conferences between all stakeholders and quite a lot of hearings, the NCLT on April 26 ordered the liquidator to promote HPC, as per the choice of the National Company Law Appellate Tribunal (NCLAT).

The reserve worth for bids within the public sale has been fastened at Rs. 1,139 crore and the final date of submission is June 15. The public sale is slated for June 30.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *