HPC in liquidation by order of NCLT, NCLAT: Govt

Hindustan Paper Corporation Limited (HPC) is being liquidated on instruction from the National Company Law Tribunal and the National Company Law Appeals Tribunal, Parliament informed on Tuesday. The appointed liquidator of the company proceeds with the liquidation.

In a written response to Lok Sabha, Minister of State for Heavy Industries Krishan Pal Gurjar said that Cachar Paper Mill, Panchgram and Nagaon Paper Mill, Jagiroad are HPC factories in Assam and that these factories are currently not operational.

A proposal to relaunch the CHP was under consideration when the National Company Law Tribunal (NCLT) by order in 2018 ordered the launch of the process of resolving corporate insolvency under the Insolvency Code. and Bankruptcy (IBC), 2016.

“Currently, HPC is in liquidation on the instructions of the NCLT, New Delhi and the National Company Law Appellate Tribunal (NCLAT). The liquidator appointed for HPC by the NCLT, New Delhi is undertaking the liquidation process in accordance with the provisions of the law, “he said.

In a separate response, he said at present, Phase II of the FAME (Faster Electric Vehicle Adoption and Manufacturing in India) program is being implemented from April 2019 for a period of five years with total budget support of Rs 10,000 crore.

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