Insolvency resolution: BPCL sole qualified bidder for Nagarjuna Oil

Public sector oil marketing company BPCL was the sole qualified bidder for Nagarjuna Oil Corporation (NOC), under IBC. The committee of creditors appointed by the NCLT met on Friday in Chennai to consider the bids of BPCL, a Maharatna PSU, and Citax Ventures, UK, promoted by S G Srinivas, who earlier as the promoter of Netoil, failed to bring in funds to revive NOC .

 

Sources close to the development said BPCL was the only one to submit the bid security of Rs 100 million. The resolution professional was not immediately available for comment. Sources also BPCL made it clear that it was not proposing to acquire the entire company.