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Govt deposits money with liquidator to revive Orissa Textile Mills
02 Mar '07
1 min read
CUTTACK:
To revive state-owned Orissa Textile Mills (OTM) unit at Choudwar, Orissa Government has deposited Rs30 crore with official liquidator.
“The amount was deposited in pursuance of an order by Orissa High Court on a petition filed by the government for a rollback in the liquidation process of OTM,” said state counsel Prasanna Padhi.
“The government had filed the petition after deciding to revive OTM under the proposed Integrated Textile Park in Choudwar,” Padhi added.
Following the Government moving high court after closing the mill in June 2001, a liquidator was appointed for OTM in March 2002 and subsequently sale of factory complex for Rs23 crore was confirmed by the court in September 2005.
The buyer failed to take possession of the assets of the mill as workers demanded payment of their arrears and revival of factory.
Handloom and Textiles Secretary, Anita Agnihotri's petition in the high court to rollback liquidation process on October 10 2006, resulted into the court asking the Government to deposit Rs30 crore in official liquidator's name.
To revive state-owned Orissa Textile Mills (OTM) unit at Choudwar, Orissa Government has deposited Rs30 crore with official liquidator.
“The amount was deposited in pursuance of an order by Orissa High Court on a petition filed by the government for a rollback in the liquidation process of OTM,” said state counsel Prasanna Padhi.
“The government had filed the petition after deciding to revive OTM under the proposed Integrated Textile Park in Choudwar,” Padhi added.
Following the Government moving high court after closing the mill in June 2001, a liquidator was appointed for OTM in March 2002 and subsequently sale of factory complex for Rs23 crore was confirmed by the court in September 2005.
The buyer failed to take possession of the assets of the mill as workers demanded payment of their arrears and revival of factory.
Handloom and Textiles Secretary, Anita Agnihotri's petition in the high court to rollback liquidation process on October 10 2006, resulted into the court asking the Government to deposit Rs30 crore in official liquidator's name.
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