Haldia Petro to acquire Coastal Oil & Gas Infra under bankruptcy route

A bankruptcy court order approving Haldia Petrochemicals’ proposal to acquire Coastal Oil & Gas Infrastructure Pvt Ltd at just Rs 1 crore above the liquidation value has again brought to the fore the concerns raised by a Mumbai tribunal, which had questioned the confidentiality of valuation reports in the Videocon resolution case. Purnendu Chatterjee-promoted Haldia Petrochemicals’ proposal is also just 3% of the admitted claims of Coastal Oil.