Nagarjuna Oil insolvency: NCLT further extends resolution period by 60 days

The NCLT had earlier extended the period for Corporate Insolvency Resolution Process (CIRP) by 90 days with effect from 21 January 2018

The National Company Law Tribunal (NCLT), Chennai, has further extended the period for Corporate Insolvency Resolution Process (CIRP) of Nagarjuna Oil Corporation Ltd (NOCL) for 60 days even as the creditors could not finalise a bidder during the initial 180 days and an extended 90 days. The order comes after a petition filed by the Resolution Professional (RP) appointed for NOCL, apart from petitions by two bidders - Haldia Petrochemicals and UK-based Citaxx Energy.

The RP has submitted an application for extending the company's CIRP deadline, pointing out that the process was not in progress for various reasons during 62