NCLT appoints IPR for insolvency of Nagarjuna Oil Corporation

The National Company Law Tribunal's (NCLT) Chennai bench has appointed an Insolvency Resolution Professional (IRP) for Nagarjuna Oil Corporation (NOCL) based on an application filed by one of its creditors, the company informed BSE on Wednesday.

The insolvency petition was filed under the Insolvency and Bankruptcy Code, 2016.

Hyderabad-based Nagarjuna Oil Refinery (NORL) holds 46.78 per cent of the equity share capital in NOCL, which is involved in setting up of a refinery at Cuddalore in Tamil Nadu.

"The company shall be entitled to take any proposal before the IRP during the period of six months or such extension that may be permitted in the event an investor is identified to take the project forward," it said.