Present Status

Presently, all the units of HVOC stand closed and ll the employees have accepted voluntary separation/scheme/Improved Voluntary Retirement Schemes (IVRS).  The company does not have any employee on its roll.  The liquidator has disposed off the moveable assets of units Chennai, Amritsar, Kanpur, Delhi Mumbai, Bangalore and Kolkatta.  The liquidator has also settled the due of all outsider creditors of MOVC except claims under litigation.

As far as immovable assets (Lands) of HVOC are concerned, the Union Cabinet in its meeting held on 30.11.2017 and order dated 20.12.2017 of High Court of Delhi, all the landed assets of HVOC has been handed over to L&DO/CPWD, MoHUA during 19.02.2018 to 03.04.2018. The Cabinet in the aforesaid meeting also decided to wave off the liabilities of HVOC towards loans taken from the Government.  

Presently, there are total 24 court cases involving HVOC in various cities. The Government has also decided to provide funds to MVOC to meet any liability that may arise from these court cases.  Dissolution of HVOC u/s 481 of the Companies Act, 1956 can only be done by the High Court when winding up activities are completed.