New Delhi/Guwahati: The Insolvency and Bankruptcy Board of India (IBBI) has taken decisive action against Kuldeep Verma, the liquidator of Hindustan Paper Corporation Ltd. (HPC), for serious misconduct during the liquidation process.
In its order dated April 7, 2025 (No. IBBI/DC/282/2025), the IBBI suspended Verma’s registration, citing irregularities not only in HPC’s case but also in the liquidation of several other organisations.
The Joint Action Committee of Recognized Unions (JACRU) of Nagaon and Cachar Paper Mills hailed the IBBI’s decision and described it as a step toward justice.
JACRU accused Verma of disregarding the National Company Law Appellate Tribunal’s (NCLAT) directive, issued on May 29, 2019, to maintain HPC as a going concern.
Instead, the liquidator allegedly sold off assets at undervalued rates, resulting in the destruction of Assam’s only heavy national paper industry, which had an estimated value of Rs. 5,000 crore.
JACRU alleged that the liquidation process ignored the state’s industrial and economic significance, leaving unresolved liabilities of only Rs. 98 lakh while rendering thousands of workers and their families jobless.
The organisation claimed this has severely impacted over two lakh families and eliminated crucial employment opportunities for Assam’s youth.
The union demanded a high-level independent investigation under judicial monitoring to uncover further instances of corruption linked to the liquidation.
It also called for the seizure of all movable and immovable assets connected to the case to ensure accountability.
JACRU president Manobendra Chakraborty described the liquidation as a betrayal of the NCLAT’s directive and a blow to the state’s industrial future.
General Secretary Ananda Bordoloi emphasised the need for collective citizen support to continue the struggle for justice and the revival of the paper mills.
