GUWAHATI: The Joint Action Committee of Recognised Unions (JACRU) of Cachar and Nagaon Paper Mills has welcomed the action taken by the Insolvency and Bankruptcy Board of India (IBBI) against Kuldeep Verma, the liquidator of Hindustan Paper Corporation Ltd (HPCL), for serious misconduct during the liquidation process.
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The disciplinary action follows an official IBBI enquiry, which found Verma guilty of multiple procedural and ethical violations during the liquidation of HPCL and seven other companies. As per IBBI Order No. IBBI/DC/282/2525 dated April 7, Verma’s registration has been suspended.
In addition to HPCL, the order highlights misconduct in the liquidation of the following firms: Sree Metaliks Limited, KS Oils Limited, Jalan Intercontinental Hotels Pvt. Ltd, Manthan Broadband Services Pvt. Ltd, Jaypee Infratech Ltd, Eastern Gases Ltd, and Advance Multisystem Broadband Communications Ltd.
In a statement issued on Wednesday, JACRU president Manobendra Chakraborty and general secretary Ananda Bordoloi called the IBBI’s decision a long-overdue step toward accountability. They specifically condemned Verma’s handling of the Cachar and Nagaon paper mills’ liquidation, alleging it was carried out in violation of legal and ethical norms.
JACRU emphasized that the Government of India declared HPCL insolvent over a liability of just ₹98 lakhs, even though the paper mills collectively held assets estimated at nearly ₹5,000 crore. The National Company Law Tribunal (NCLT) ordered the liquidation on May 2, 2019 — a decision that JACRU challenged before the National Company Law Appellate Tribunal (NCLAT).
The NCLAT, through an order dated May 29, 2019, had directed that HPCL must continue as a going concern and that any sale must include both employees and assets. JACRU now alleges that Verma blatantly disregarded this order by selling assets at "throwaway prices," causing significant harm to Assam’s industrial ecosystem and displacing more than two lakh families dependent on the mills.
Welcoming the disciplinary action, JACRU has called for an independent, high-level investigation into the entire liquidation process, monitored by a sitting High Court judge. The organization has also demanded the seizure of all movable and immovable properties of individuals allegedly involved in the liquidation, to ensure full accountability.
Reaffirming its resolve, JACRU stated that it would continue its fight against what it calls gross corruption and malpractice that led to the collapse of Assam’s only national-level paper industry. The group urged the public to stand in solidarity with its ongoing struggle to seek justice, defend workers’ rights, and rebuild the state’s industrial base.
