NCLAT dismisses govt claims of USD 314 mn from Videocon Industries for Ravva offshore
The National Company Law Appellate Tribunal (NCLAT) has rejected the oil ministry’s plea seeking USD 314 million (around Rs 2,245 crore) from insolvency-bound Videocon IndustriesNSE 0.00 % in unpaid profit petroleum from the Ravva oil and gas fields in the eastern offshore.
The ministry had on October 22 last year sent Videocon a demand notice for payment of government’s share of profit petroleum, which is calculated after all capital and operating cost is deducted from the sale of oil and gas.
