{"id":289709,"date":"2019-08-31T04:54:19","date_gmt":"2019-08-31T04:54:19","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=289709"},"modified":"2019-08-31T05:09:13","modified_gmt":"2019-08-31T05:09:13","slug":"nclat-bars-petroleum-ministry-from-recovering-rs-2245-crore-from-videocon","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/nclat-bars-petroleum-ministry-from-recovering-rs-2245-crore-from-videocon\/","title":{"rendered":"NCLAT bars petroleum ministry from recovering Rs 2,245 crore from Videocon"},"content":{"rendered":"<p>The National Company Law Appellate Tribunal (NCLAT) on Friday turned down a plea by the ministry of petroleum &amp; natural gas seeking to recover nearly Rs 2,245 crore from Videocon Industries as unpaid share of profit petroleum. <\/p>\n<p>The government defines profit petroleum as the total value of petroleum produced and saved from the contract area in a particular period, as reduced by cost petroleum and calculated as provided in the Model Production Sharing Contract (MPSC). <\/p>\n<p>The petroleum ministry, had on October 22 last year, sent a demand notice to Videocon asking it to allocate the amount as \u201cgovernment share of profit petroleum.\u201d Following the notice, the resolution professional (RP) of Videocon had approached the Mumbai bench of the National Company Law Tribunal (NCLT) with a plea that the company could not be asked to part with any money, including share of profit, during the moratorium period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Company Law Appellate Tribunal (NCLAT) on Friday turned down a plea by the ministry of petroleum &amp; natural gas seeking to recover nearly Rs 2,245 crore from Videocon Industries as unpaid share of profit petroleum. The government defines profit petroleum as the total value of petroleum produced and saved from the contract area in a particular period, as reduced by cost petroleum and calculated as provided in the Model Production Sharing Contract (MPSC). The petroleum ministry, had on October 22 last year, sent a demand notice to Videocon asking it to allocate the amount as \u201cgovernment share of [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-289709","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/289709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=289709"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/289709\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=289709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=289709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=289709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}