Nagarjuna Oil Corporation Insolvency

NCLT allows more time to Haldia Petrochemicals to submit resolution plan

BS ReporterThe National Company Law Tribunal (NCLT), Chennai Bench has allowed Haldia Petrochemicals more time to submit a revised resolution plan on 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 selecting a resolution plan has been delayed due to this demand. NOCL, a joint venture of Hyderabad's Nagarjuna Fertilizers & Chemicals Ltd (NFCL) and TIDCO of Tamil Nadu Government, is carrying out a 6 million metric tonnes per annum (MMTPA) petroleum and oil refinery project in Cuddalore, almost 200 kilometers south of Chennai, which is stalled due to shortage of funds. The NCLT has earlier extended the period for Corporate Insolvency Resolution Process (CIRP) by 90 days from January 21, 2018. The extension was approved by the ...

Lenders to consider resolution plans for debt-ridden Nagarjuna Oil today

If the Committee of Creditors (CoC) do not select a bidder in the meeting, chances are that the refinery firm would go for liquidation.

Applications invited for investors to revive Nagarjuna Oil

An Expression of Interest from investors to revive Nagarjuna Oil Corporation (NOC) has been invited by the Insolvency Resolution Professional appointed by the National Company Law Tribunal (NCLT).Financial investors -- mutual funds, private equity and venture capital funds, domestic or foreign investment institutions and others -- may also apply. A Corporate Insolvency Resolution Process has been initiated with regard to NOC under the Insolvency and Bankruptcy Code (IBC).NOC is currently implementing a six million tonnes per annum (mtpa) petroleum oil refinery project on the southeast coast, at Cuddalore, around 200 km south of Chennai. It was partially complete in December 2011, when a cyclone and shortage of funds stopped work. With fund infusion, the refinery can start production in two to three years, after completing the remainign work. The plant is capable of meeting Euro-VI motor emission requirements, with some additions. Land is also available for expansion upto 30 mtpa. ...

NCLT's resolution professional calls for investors to revive Nagarjuna Oil

Since 2012, NOCL has been looking for a strategic investor to pump in fresh equity and revive its 6-MMTPA petroleum oil refinery project

NCLT appoints IPR for insolvency of Nagarjuna Oil Corporation

The company shall be entitled to take any proposal before the IRP during the period of six months