GAIL (India) declared successful resolution applicant for JBF Petrochemicals

GAIL (India) has been declared the successful resolution applicant for the acquisition of JBF Petrochemicals under Corporate Insolvency Resolution Process (CIRP).

Now, GAIL shall submit Performance Security, subsequent to which the Resolution Professional shall submit GAIL's Resolution Plan for approval of the Hon'ble NCLT, Ahmedabad Bench (Adjudicating Authority) in accordance with the provisions of the IBC and the rules and regulations made thereunder.

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