About a month ago, the West Bengal government decided to hand over management control to The Chatterjee Group (TCG), but there is no sign of restarting the plant, which is cash-starved, as per Business Standard. The latest issue holding up the plant is the lender-TCG wrangle. Lenders have refused to infuse fresh funds, seem to be on a warpath with the management.
"The primary duty of running a plant is that of the management's, he is required to bring in some cash which he has failed to do. If the management brings 20% of the cash, we are ready to pay the rest of the money" said the lender. According to him, the management has asked for about Rs 1,000 crore to buy naphtha, the main feedstock of the plant," a lender said. Though the share-purchase agreement had been signed between the promoters, the control had not been transferred to TCG due to Chatterjee's inability to pay the first instalment. Though TCG has started the process of raising the money they were not ready to pay until the conditions were fulfilled. TCG has raised some serious concerns with the government that need to be solved. TCG wants waiver of Rs 1,200 crore customs duty, as HPL failed to achieve the polymer export target as the plant was functioning below its capacity.
21-Oct-14 
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