Haldia Petrochemicals yesterday withdrew an appeal filed with the National Company Law Appellate Tribunal (NCLAT) seeking its direction to participate in the resolution and revival process of Nagarjuna Oil Corporation Ltd (NOCL), which is carrying out a 6 million metric tonnes per annum (MMTPA) petroleum and oil refinery project in Cuddalore.
With this, the interim stay on the liquidator calling for expression of interest (EoI) for the revival of the project is expected to proceed to the next stage. The NCLAT had earlier issued an interim stay on the procedures based on Haldia Petrochemicals’ appeal, according to sources.
NOCL had failed to get a successful resolution plan in the Corporate Insolvency Resolution Process (CIRP) and in December 2018, the National Company Law Tribunal (NCLT), Chennai, ordered liquidation of the company, which is an associate of Nagarjuna Oil Refinery Ltd (NORL).
