Silchar, July 2: A petition has been filed before the National Company Law Tribunal, New Delhi under Section 9 of the Insolvency and Bankruptcy Code, 2016 pursuant to which a notice has also been issued for commencement of Corporation Insolvency Resolution Process against the Hindustan Paper Corporation Limited on June 13, 2018. In this regard, MP Sushmita has written to Prime Minister Narendra Modi to intervene in the matter urgently. The letter dated July 1, 2018 states that despite repeated assurances by the Chief Minister of Assam, Sarbananda Sonowal and the ministers of Heavy Industries and Public Enterprises, nothing concrete has been done to revive both Cachar and Nagaon Paper Mills.
The MP has expressed her concern at the future of the families of the employees of PSU which has two units. The worst victims of this are the legitimate employees who are yet to receive salaries of at least 18 months. Even the provident fund has been irregular since February 2015. The disappointed MP has stated that even the members of the Parliament from Assam have repeatedly raised this issue in the floor of the Parliament before the Finance Minister and ministers of Heavy Industries and Public Enterprises, but to no avail. She has mentioned that there was an attempt for joint venture by the Government which is not known to her.
But, as mentioned in the letter, clearly the balance sheet of the Company is acting as a deterrent to potential investors. In particular, Cachar Paper Mill is the only heavy industry in Barak Valley and has provided direct and indirect employment to thousands of people. The Chief Minister of Assam has assured the employees that the industry would be revived. In fact, this industry was viable despite the fact there was no BG line and supply of bamboo poised problem from time to time. The industry overcame both these problems. Yet there is no sign of revival of the Paper Mill. The MP has urged upon the Prime Minister to look into the matter and take concrete steps to revive the Paper Mills.