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NCLAT bars petroleum ministry from recovering Rs 2,245 crore from Videocon

Appellate tribunal upholds NCLT Mumbai order, says ministry free to approach RP with its claims

Videocon
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Aashish Aryan New Delhi
The National Company Law Appellate Tribunal (NCLAT) on Friday turned down a plea by the ministry of petroleum & natural gas seeking to recover nearly Rs 2,245 crore from Videocon Industries as unpaid share of profit petroleum.

The government defines profit petroleum as the total value of petroleum produced and saved from the contract area in a particular period, as reduced by cost petroleum and calculated as provided in the Model Production Sharing Contract (MPSC).

The petroleum ministry, had on October 22 last year, sent a demand notice to Videocon asking it to allocate the amount as “government share of

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First Published: Aug 30 2019 | 7:53 PM IST

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