Bankers, financial institutions to take around 95% hair cut in NOCL

Bankers and other financial institutions will take around 95 per cent cent hair cut in Nagarjuna Oil Corporation (NOCL). Haldia Petrochemicals (HPL) has agreed to pay Rs 600 crore to revive NOCL and Liquidator of NOCL inturn has agreed to pay Rs 560 crore (of the Rs 600 crore) to Secured Financial Creditors for which the company need to owe Rs 9,864.16 crore. On the principal the lenders will recover 25 per cent.

On Thursday, the National Company Law Tribunal (NCLT), Chennai gave its nod for Haldia Petrochemicals (HPL) scheme, submitted through the Liquidator V Mahesh, for the revival of Nagarjuna