Image used for representation | Photo credit: the Hindu
An organization umbrella of workers’ unions has sought actions against all those involved in the corrupt liquidation of two paper factories in Assam, racing the way for one of the two main indigenous semiconductor plants in India.
Demanding an independent probe under judicial monitoring to discover more corruption instances linked to liquidation, the organization also requested the issue of all mobile and real estate assets connected to the case to guarantee responsibility.
The demands followed the decision of the Insolvency and Banking Board of India (IBBI) to suspend the Kuldeep Verma record for a duration of serious misconduct, the liquidation process of eight companions.
The plants included the Nagoon and Hindustan Paper Factories Paper Corporation Limited (HPCL), which were acquired by the Assam government in March 2022 for ₹ 375 million rupees. More than 550 acres of the old Nagaoon paper factory in Jagiraod, about 55 km east of Guwahati, were delivered to a subsidiary of Tata Electronics for ₹ 1 per bigha (0.62 ACRE) to establish a semiconductor plant.
Multiple violations
On April 7, the IBBI disciplinary committee suspended the Verma registration for two years after finding it guilty of violating the insolvency and bankruptcy code and the associated regulations. The suspension will enter into force for 30 days from the Order of IBBI.
The violations included the lack of preservation and protect the assets of the duration of the corporate insolvency resolution process in the cases of Ks Oils Limited and Jalan Intercontinental Hotels PVT, determination of the awarding of claims and overload of fees in the matter of Jypee Infatech Ltd ..
Professional Member of the Indian Institute for Professional ICAI insolvency (Institute of Public Accountants of India), Mr. Verma was appointed by the IBBI award authority on different dates to handle the tasks of eight corporate debtors, including.
“Cheap seal”
The joint committe of recognized unions action (Jacru) of Nagoon and Cachar Paper Mills acclaimed the IBBI’s decision as a step towards justice. He accused Mr. Verma or ignored the Directive of the Court of Appeal of the National Companies Law on May 29, 2019 to maintain the HPC as an ongoing company.
“On the other hand, its liquidation process saw assets of the HPCL that is worth ₹ 5000 million rupees that are sold at disposable prices, giving the industrial future of Assam a massive blow,” said Jacru General Secretary Ananda Badoloi.
Jacru president, Manobendra Chakraborty, said the liquidation left liabilities not resolved from only ₹ 98 Lakh, while thousands of unemployed workers. “The planned death of paper factories severely hit more than 2 Lakh families and snatched job opportunities for Assam’s youth,” he said.
According to the main minister of Assam, Himanta Biswa Sarma, the semiconductor plant that is close to the land where the role of Nagaoon paper of HPCL was found would be a change of game for industry in India.
“Our vision is to ensure that Assam emerge as a global semiconductor center,” he said.
Vale ₹ 27,000 million rupees and projected to generate 30,000 jobs, the semiconductor plant in Jagiroad is one of the two units of chips and tests created by Tata Electronics. The other is in Dholera in Gujarat.
Published – April 13, 2025 11:14 am isth
