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BPCL to participate in insolvency process for Nagarjuna Oil corp

Amritha Pillay/ 13 Mar 18 | 08:49 PM

State run Bharat Petroleum Corporation (BPCL) on Tuesday said it will participate in the insolvency process for Nagarjuna Oil Corporation at the National Company Law Tribunal (NCLT).

" The Board of BPCL in its meeting held on 12th March has approved the proposal to participate in the insolvency resolution process of Nagarjuna Oil Corporation by submitting resolution plan against the expression of interest (EOI) published by Resolution Professional in October 2017," the company said in its statement to BSE.

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The insolvency petition for Nagarjuna Oil was admitted to the Chennai branch of NCLT in July 2017. Nagarjuna Oil Corporation limited (NOCL) was implementing a six million tonnes per annum refinery project at Cuddalore, a coastal town in Tamil Nadu. In the past, there have been several attempt by various oil companies to acquire this asset, but none fructified.

BPCL in its statement to BSE added, it will look at this opportunity and submit a resolution plan by 17th March. 

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