NCLAT clears decks for Nagarjuna Oil resolution plan
The National Company Law Appellate Tribunal (NCLAT) has paved the way for a resolution plan for Nagarjuna Oil Corporation Ltd (NOCL) even as it is under liquidation, and directed the liquidator (V Mahesh) to proceed with Section 230 of the Companies Act, 2013, read in consonance with Insolvency and Bankruptcy Code (I&B), 2016.
The NCLAT was disposing of an appeal from Haldia Petrochemicals Ltd (appellant) giving the liberty to the company to submit a scheme in consonance with I&B Code. This paved the way for reviving the Corporate Debtor (NOCL) even though it has gone into liquidation, said Mahesh referring to the NCLAT order.
