NCLT grants 90-day lifeline to Nagarjuna Oil Corp for insolvency resolution

At least three to four investors including PSU players like Indian Oil and Indian and foreign entities seek control of the beleagured firm

Nagarjuna Oil Corporation Ltd (NOCL) has received an extension of another 90 days for its Corporate Insolvency Resolution Process (CIRP), even as public sector and private investors get set to bid for control of the company. The National Company Law Tribunal (NCLT) approved the extension, as the process could not be completed within the stipulated 180 days.

A single bench of the NCLT issued an order extending the CIRP for 90 days, starting January 21, in response to an application filed by Resolution Professional S Rajendran. The application was filed as per a resolution of the Committee of Creditors (CoC).

Nagarjuna Oil Corporation