• Page last updated on: 19 December 2018
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Present Status

The liquidator of HVOC has already disposed off the moveable assets of all the units except those of Kolkata unit which is pending due to a stay of the Calcutta High Court. The Liquidator has also settled the dues of all the outside creditors except the claims which are under litigation.

As far as immovable assets (Lands) of HVOC are concerned, the Union Cabinet in its meeting held on 30.11.2017 approved a proposal to transfer the same to Ministry of Housing & Urban Affairs (MoHUA) or its authorized agencies for appropriate utilization/disposal. Accordingly, all the landed assets of HVOC have been handed over to L&DO, MoHUA during 19.02.2018 to 03.04.2018.

The Union Cabinet in the aforesaid meeting also decided to waive off the complete liabilities of HVOC towards loans taken from the Government including interest. Accordingly, the Ministry of Finance, Department of Economic Affairs vide OM No.16(5)/P&A/2017 dated 08.01.2018 intimated waiver of principal and interest accrued for all loans taken by HVOC from the Government in the past. However, waiver of penalty @ 0.25% of the interest amount was not agreed to by the Ministry of Finance. HVOC needs budgetary allocation Rs of 111 crore for payment of the said penalty as also for payment of income tax which has arisen due to waiver of loans and interest. Accordingly, budgetary allocation for this amount has been sought in the second batch of Supplementary Demand of Grant.

Dissolution of HVOC u/s 481 of the Companies Act, 1956 can be done by the High Court when winding up activities are completed, i.e. all liabilities are settled, all pending court cases are disposed, and all assets of the company are disposed off.

Presently, there are total 23 court cases involving HVOC in various cities.