NOCL lenders extend last date for Resolution Plan a day after hearing BPCL

PSU oil major had issue with land assets, submitted offer that was unacceptable to Committee of Creditors

The Committee of Creditors (CoC) of Nagarjuna Oil Corporation Ltd has decided to extend the last date of submission of Resolution Plans for the company, after two companies including Bharat Petroleum Corporation Ltd (BPCL) submitted their plan in a meeting held on Friday, March 23. The decision has been taken due to varioius reasons, including an aim to seek the highest value possible for the company, according to sources close to the development.

An advertisement published today (Saturday, March 24) on behalf of the company said, "The CoC in their meeting held on March 23, 2018, decided to invite bids afresh