Hopes of a revival of the Nagarjuna Oil Corporation refinery project seem to have been dashed with the creditors not finding any of the bids acceptable, according to reliable sources.
BPCL had submitted a resolution plan for the 6-million-tonne a year refinery coming up in Cuddalore, in Tamil Nadu. However, the cash strapped project came under the purview of the NCLT last year, a resolution professional was appointed and the project put on the block.
Meanwhile, the NCLT will be hearing a petition by the NOCL employees association against the resolution professional and the RP’s counter petition complaining of lack of cooperation by the company staff, the source said.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.