The National Company Law Tribunal ordered the liquidation of NagarjunaNSE -10.63 % Oil Corp, nearly 17 months after initiating corporate insolvency resolution proceedings at the company, saying that lenders had not accepted the proposals made by various prospective investors.
Haldia Petrochemicals, Bharat PetroleumNSE 1.40 %, Gulf Petrochem and Citax Energy DMCC had submitted resolution proposals since the insolvency resolution process had started.
The tribunal’s judicial member, Ch Mohd Sharief Tariq, ordered Nagarjuna Oil’s liquidation on Tuesday as sought by its resolution professional (RP). All the 14 banks with exposure to the company had favoured liquidation.
The tribunal had in July last year ordered insolvency resolution proceedings against Nagarjuna Oil and appointed the RP.
Source: Economic Times