NCLT allows more time to Haldia Petrochemicals to submit resolution plan

The National Company Law Tribunal (NCLT), Chennai bench, has granted Haldia Petrochemicals more time to submit a revised resolution plan for Nagarjuna Oil Corporation Ltd (NOCL). The development comes after multiple efforts by the Committee of Creditors (CoC) to get a plan with acceptable valuations, according to sources. There are around 15 lenders for NOCL.

Sources said that the lenders fixed a liquidation valuation of Rs 14.50 billion and selection of a resolution plan has been delayed due to this demand.

NOCL, a joint venture between Hyderabad's Nagarjuna Fertilizers & Chemicals Ltd (NFCL) and TIDCO of Tamil Nadu Government, is carrying out