NCLT approves Haldia Petrochemicals scheme to revive Nagarjuna Oil Corp

The National Company Law Tribunal (NCLT), Chennai has given its nod for Haldia Petrochemicals (Haldia Petro) scheme, submitted through the Liquidator V Mahesh, for the revival of Nagarjuna Oil Corporation Limited (NOCL).

While the full order copy was not released yet, the liquidator V Mahesh has confirmed the development. However, he didn’t share the other details stating that detailed order is still awaited. The copy will have Haldia’s proposal, including the haircut which lenders will take.

Haldia Petro is planning to invest around Rs 50,000 crore to convert this refinery into a petrochemical complex.

Haldia Petro was among the three prospective bidders, the other two are Accord Distillers and Brewers P Limited and Adani Ports and Special Economic Zone Limited.