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.
Last week, the companys committee of creditors (CoC) comprising lenders and homebuyers had voted in favour of a seven-day extension to bidders to revise their plans. Both the bidders were expected to submit their plans on Friday (today). This was the fifth time the resolution plans were getting revised.
Photo by Joël Super from Pexels
Defunct Jet Airways, which is undergoing insolvency resolution for nearly two years, cannot claim historicity for slots at airports, and allocation of slots will be based on existing guidelines, according to an affidavit.
The civil aviation ministry and aviation regulator DGCA have also informed the National Company Law Tribunal (NCLT) that for claiming historicity, the criteria cannot be based on contention that airline was in operation for 25 years.
Jet Airways, which shuttered operations in April 2019, is undergoing resolution process under the Insolvency and Bankruptcy Code (IBC). The Jalan Kalrock Consortium has emerged as the winning bidder for the carrier and the resolution plan is before NCLT, Mumbai.
People familiar with the matter said Aircel resolution professional Deloitte and asset reconstruction firm UVARCL, which had been cleared by the National Company Law Tribunal (NCLT) to take over the assets of Aircel, will also separately move the top court challenging the appellate tribunals order.