Assam: Gauhati High Court stays e-auction of paper mills

GUWAHATI: The Gauhati High Court has stayed the e-auction order of two defunct paper mills in Cachar and Nagaon of Assam.

The decision came into effect after hearing an interim petition filed by Hindustan Paper Corporation Limited (HPCL) officers, supervisors association, and two others who sought the court’s intervention before the court.

The auction of two paper mills underway and the liquidator has notified that an auction will be held on June 30 of 2021 from 10 am to 6 pm.

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The auction was supposed to be held online on mtscecommerce.com. While the reserve price has been set at Rupees 1,139 crore, the EMD amount has been set at Rupees 55 crores, and the minimum incremental bid is Rs 1 crore.

The mills --Cachar and Nagaon -- have been shut down since 2015 and 2017 respectively. Approximately 89 employees have died since the mills have been shut down some due to lack of health care and four due to suicide.

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