GUWAHATI, Nov 28: The National Company Law Tribunal (NCLT) has ordered the liquidation of the Nagaon and Cachar paper mills after the central government refused to release Rs 98 lakh that Hindustan Paper Corporation Limited (HPCL) owed to Allow & Metals as payment for raw materials the latter supplied to the two paper mills.
After HPCL failed to release the amount, Allow & Metals took up the matter with the NCLT following which the tribunal, on May 29, directed the central government to pay the firm within 90 days the entire amount HPCL owed as payment.
However, the Government, in its response, stated that it will not release the specified amount.
The NCLT, following the Government’s response, ordered the liquidation of the two paper mills.
