Bidders were invited to hold e-auction for employees’ union of 2 non-operative units of Hindustan Paper Mills Corporation Ltd. They asked the liquidator to disclose the valuation of the oil reserves in the Cachar Paper Mills land area. The area of Cachar Paper Mill Township has 3 natural oil well reserve points. The area is also in a lease rent agreement with ONGC.
The valuation of oil reserves termed as “Liquid Gold” has not been disclosed anywhere in the auction notification, and the land area is only detailed, the letter, also addressed to the secretary of Ministry of Heavy Industries and Public Enterprises, pointed out. The liquidator was asked to disclose the total volume of natural oil/gas available at Cachar Paper Mills land, quantam of valuation of land and method undertaken to fix the price. The land being valuable and a national property they were also asked to disclose the details prior to selling to any third party.
The two mills namely, Cachar Paper Mills at Panchgram and Nagaon Paper Mills at Jagiroad are both units of HPCL and have been non-functional since October 2015 and March 2017, respectively.
Representatives of JACRU recently met the chief minister and asked him to help get back the two units and clear the dues of employees. In June 2018, National Company Law Tribunal had directed to initiate the Corporate Insolvency Resolution Proceedings under the IB Code, 2016 against HPCL who had previously submitted at Rs. 1995 crore revival proposal to the government. After several meetings amongst all stakeholders and few hearings NCLT on 26.4.21 ordered the liquidator to sell HPCL. Consequently, on June 1, 2021 the liquidator issued an advertisement in newspaper seeking bids for e-auction of two units. Fresh bids were invited on June 22, 2021 after bringing the reserve price down to Rs. 969 crore from 1139 crore. The last date for receiving bids was Jul 6, 2021 and the e-auction is said to be held on July 22, 2021.
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