HPC under liquidation on directions of NCLT, NCLAT: Govt

Hindustan Paper Corporation Limited (HPC) is under liquidation process on the directions of the National Company Law Tribunal and the National Company Law Appellate Tribunal, Parliament was informed on Tuesday. The liquidator appointed for the company is undertaking the liquidation process.

In a written reply to the Lok Sabha, Minister of State for Heavy Industries Krishan Pal Gurjar said that Cachar Paper Mill, Panchgram and Nagaon Paper Mill, Jagiroad are mills of HPC in Assam and these mills are presently non-operational.

A proposal for revival of HPC was under consideration when the National Company Law Tribunal (NCLT) through an order in 2018, directed the initiation of Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC), 2016.

"Presently, HPC is under liquidation on the directions of NCLT, New Delhi and the National Company Law Appellate Tribunal (NCLAT). The Liquidator appointed for HPC by the NCLT, New Delhi is undertaking the process of liquidation as per the provisions of law," he said.

In a separate reply, he said at present, Phase-II of FAME (Faster Adoption and Manufacturing of Electric Vehicles in India) scheme is being implemented from April, 2019 for a period of five years with a total budgetary support of Rs 10,000 crore.