The government will examine the Insolvency and Bankruptcy Code (IBC) to stop defaulting promoters from wresting back control of companies by exploiting apparent loopholes.
Assam: As Two Debt-Ridden Paper Mills Go Under the Hammer, Workers Worries Multiply
The 1,200 plus employees of the defunct Nagaon and Cachar paper mills are already beleaguered over non-payment of their monetary dues ever since the suspension of operations.
Expensive paper prints now lay in tatters. Photo: Gaurav Das
Rights8 hours ago
Guwahati: The debt-ridden and now-defunct Nagaon and Cachar paper mills of the government-owned Hindustan Paper Mill Corporation Limited (HPCL) may now soon find itself going under the hammer with the issuance of an e-auction notice the content of which was put in a national newspaper dated June 1.
The reserve price as per the auction notice was put at Rs 1,139 crore.
Moneylife is a comprehensive online resource for news and opinions on personal finance like stocks, mutual funds, loans, insurance, credit cards, real estate and on companies, banking, finance and industry sectors from India.
According to the sources, NBCC has submitted the final bid and it is compliant with the Insolvency and Bankruptcy Code (IBC) provisions and a Supreme Court order passed in March this year.
State-owned NBCC on Friday submitted its final bid to acquire Jaypee Infratech Ltd (JIL) while rival Suraksha group sought more time to make the final offer for the debt-laden realty firm under the insolvency resolution process, sources said. According to the sources, NBCC has submitted the final bid and it is compliant with the Insolvency and Bankruptcy Code (IBC) provisions and a Supreme Court order passed in March this year. Suraksha group has written a letter to creditors seeking seven more days to further sweeten its last bid, which was submitted on May 18. The group also wants to reduce the timeline to complete flats from its earlier proposal of 42 months for deliveries, the sources said.