GUWAHATI: The e-auctioning of two paper mills of Cachar and Nagaon in Assam has been cancelled as no private entity deposited the prerequisite money of Rs. 55 crore within the June 15 deadline.
The two mills operated by the Hindustan Paper Corporation Limited (HPCL).
The officers and employees of the paper mills had challenged the National Company Law Tribunal for allowing the HPCL to auction the paper mills on June 30.
The court observed that the e-auction was thus not going to take place as no one responded to the auction sale notice and dismissed the applications threatening the sale of the paper mills.
The Cachar and Nagaon paper mills have been closed since October 2015 and March 2017 respectively, which have affected the employees to a great extent.