Adani, Haldia and Accord submit bids to revive Nagarjuna Oil Corporation

The bankrupt Nagarjuna Oil Corporation (NOCL), which is under liquidation process after failing to find out a successful resolution plan, has recieved bids from three firms — Adani Ports and Special Economic Zone, Haldia Petrochemical and Accord Distillers and Brewers — to revive the company.

Nagarjuna Group said the bids were under scrutiny and verification, and liquidator would share the asset memorandum/valuation report to the bidders.

NOCL, which is setting up a 6 million tonne per annum (MTPA) petroleum and oil refinery project in Cuddalore in Tamil Nadu, had been ordered to undergo liquidation process after the company failed to get a successful resolution plan in the Corporate Insolvency Resolution Process (CIRP).