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Paper Mill employees in deep trouble; HPC Panchgram to be shut permanently
To read this in Bengali, click here…
Time to wind-up, yes, it is time for the most discussed and debated Paper Mill in Panchgram to bring its shutter down once, and for all. The Hindustan Paper Corporation Limited central government production unit in South Assam has been defunct from a very long time. After a series of demonstrations in and out of the State, the central government sanctioned three months salary to the permanent employees of the mill in March 31. That brought a ray of hope, as it was the first time they got paid in 18 months, but that was not a sunshine, as there would no more be any sunrise for them.
The Government of India under Regulation 6 of the Insolvency and Bankruptcy Board of India issued a public announcement asking all the creditors of HPCL to submit their claims along with proofs. In the announcement signed by interim resolution professional, Kuldeep Verma, estimated date of closure of the insolvency resolution is December 9, 2019.
The Insolvency And Bankruptcy Code, 2016 NO. 31 OF 2016 [28th May, 2016.] An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
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