GUWAHATI: The National Company Law Tribunal (NCLT) on Wednesday declared the Nagaon Paper Mill and Cachar Paper Mill bankrupt.
The employees claim that the mill was declared bankrupt based on claims made by some contractors about non-payment of their dues. As per the workers’ union the contractors’ lobby claimed that they have remained deprived of their dues since years. Based on this, the NCLT decided to shut down both the mills accordingly.
The workers at the Nagaon Paper Mill speaking on the issue said that the State Government is Bankrupt for failing to revive the mills and letting the National Company Law Tribunal (NCLT) shut down both the mills.
Speaking to the media, one of the workers stated that NCLT has initiated an Interim Resolution Professional (IRP) who will look into the entire issue from today onwards. Further, the powers of the Board of Directors have also been dissolved.
The workers also questioned the Government of Assam for failing to run both the paper mills properly in the region.
Interestingly, Hindustan Paper Corporation Limited (HPCL) was in talks with the Central Government to revive both the mills.
