The National Company Law Tribunal (NCLT), Chennai, has dismissed an application of Haldia Petrochemical Ltd (HPL) to appoint one of the valuers registered with the Insolvency and Bankruptcy Board of India (IBBI) to value Nagarjuna Oil Corporation Ltd (NOCL) and submit a report.
HPL had proposed the names of RBSA Valuers, GAA Advisory and Protocol Insurance Surveyors & Loss Assessors Pvt Ltd. It had also sought a direction to NOCL’s Insolvency Resolution Professional (IRP) to provide support to the valuers.
The Rs. 3,500-crore NOCL project in Cuddalore, Tamil Nadu, was to go on stream in 2012 but various delays escalated the cost by nearly three times. The project came to an abrupt halt in December 2011 following a cyclone.
