Bid date for Nagarjuna Oil’s TN project extended

Chennai | Updated on April 03, 2018

The authorities concerned have again extended the bid date for Nagarjuna Oil Corporation’s refinery project in Tamil Nadu even as BPCL continues to remain the sole bidder, according to reliable sources.

Last month after the first deadline ran out with the public sector oil company BPCL the sole bidder for the project, the NCLT-appointed Resolution Professional and the Committee of Creditors had extended the last date to March 31.

According to the source, BPCL’s resolution plan had fallen short of expectations.

But even after the extended time, there have not been any fresh bidders and BPCL is the only contender for the project.

But the Resolution Professionals and the Committee of Creditors have chosen to further extend the deadline, according to the source.

The RP concerned was not available for comment.

The project was promoted by the Hyderabad-based Nagarjuna Group. Following project delay and cost over-runs, it came under the purview of the NCLT last year and a resolution professional called for bids last October.

The 270-day deadline under the Insolvency and Bankruptcy Code falls on April 20 and the time is fast running out for Nagarjuna Oil project and the creditors to recoup at least part of their losses, said the source.

Published on April 03, 2018

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