Nagarjuna Oil Corporation is back on the block after the Committee of Creditors was left dissatisfied by BPCL’s resolution plan presented on Friday.
The Resolution Professional appointed by the National Company Law Tribunal has extended the last date for short listed bidders to submit a plan to revive the refinery project planned at Cuddalore in Tamil Nadu.
Bidders now have up to March 31 to submit their plans.
Bids are invited from applicants who have already been vetted in the Expression of Interest stage. The bid process and conditions remain unchanged.
BPCL emerged the sole contender for the project but fell short of CoC’s expectation in its presentation on Friday as it had declined to take up the project in its entirety, according to reliable sources.
A source associated with the process, speaking on condition of anonymity, said the `value maximisation for all concerned’ is the sole object of the resolution process. The CoC felt that more could be done and had decided to give the bidders a chance.
At least half a dozen interested players had gone through the EoI process but had not been able to meet the previous deadline. With no other option, the CoC has decided to extend the time.
The project was promoted by the Hyderabad-based Nagarjuna Group. Following project delay and cost overruns it came under the purview of the NCLT last year and a resolution professional called for bids last October.