Auctioning of two Assam paper mills cancelled
The Hindu
No private entity deposited earnest money of ₹55 crore within the June 15 deadline
The e-auctioning of two closed paper mills of the Hindustan Paper Corporation Limited (HPCL) in Assam has been cancelled as no private entity deposited the requisite earnest money of ₹55 crore within June 15. The associations of officers and employees of the Cachar and Nagaon paper mills had challenged the National Company Law Tribunal’s nod to HPCL for auctioning the paper mills on June 30. The case came up for hearing on June 16. The counsel for liquidator Kuldeep Varma told the court of Chief Justice Sudhanshu Dhulia and Justice Manash Ranjan Pathak that “no one responded to the e-auction sale notice” on June 1 to deposit the ₹55 crore as earnest money deposit within the deadline. The reserve price for the two mills was ₹1,139 crore and the auction was to have been conducted on the site of the Metal Scrap Trade Corporation.More Related News