Guwahati, April 16: The Joint Action Committee of Recognised Unions (JACRU) of Cachar and Nagaon Paper Mills, Assam, has welcomed the action taken by the Insolvency and Bankruptcy Board of India (IBBI) against Kuldeep Verma, the liquidator of Hindustan Paper Corporation Ltd (HPCL), for serious misconduct during the liquidation process. The disciplinary action comes after an official enquiry by the IBBI found Verma guilty in the liquidation of HPCL and seven other organizations.
As per IBBI Order No. IBBI/DC/282/2525 dated 07.04.2025, Verma’s registration as a liquidator has been suspended for his role in multiple cases of procedural and ethical violations. The order cites misconduct not just in the HPCL case, but also in the liquidation of the following companies – M/s. Sree Metaliks Limited, M/s. KS Oils Limited, M/s. Jalan Intercontinental Hotels Pvt. Ltd, M/s. Manthan Broadband Services Pvt. Ltd, M/s. Hindustan Paper Corporation Ltd, M/s. Jaypee Infratech Ltd, M/s. Eastern Gases Ltd and M/s. Advance Multisystem Broadband Communications Ltd.
In a statement here on Wednesday, JACRU president Manobendra Chakraborty and general secretary Ananda Bordoloi hailed the IBBI’s decision as a long-overdue step toward accountability, especially in the case of the liquidation of the two paper mills in Assam—Cachar and Nagaon—which it alleges was executed in clear violation of legal and ethical guidelines.
JACRU stated that the Government of India declared HPCL insolvent over an unsettled liability of just ₹98 lakhs, despite the mills having assets worth nearly ₹5,000 crore. The National Company Law Tribunal (NCLT) ordered liquidation on May 2, 2019, a decision that was challenged by JACRU before the National Company Law Appellate Tribunal (NCLAT).
The NCLAT, through its order dated May 29, 2019, ruled that HPCL must remain a going concern, and even if sold, must be sold with employees and assets intact. JACRU now alleges that Kuldeep Verma violated the NCLAT directive by selling assets at “throwaway prices”, causing irreparable damage to Assam’s heavy industry and resulting in the loss of livelihood for over two lakh families.
Welcoming the disciplinary action, JACRU has demanded a high-level, independent investigation into the entire liquidation process under the monitoring of a sitting High Court judge. The organization has called for the seizure of movable and immovable properties of all individuals allegedly involved in the liquidation to ensure accountability and justice.
JACRU reaffirmed its commitment to fighting against what it describes as gross corruption and malpractice that led to the collapse of Assam’s only national-level paper industry. It urged the public to stand in solidarity with its ongoing struggle to restore justice, protect workers’ rights, and rebuild the state’s industrial base.
