NCLT appoints IRP for Nagarjuna Oils Corporation

Nagarjuna Oil Refinery Ltd (NOCL) today said the National Company Law Tribunal (NCLT), Chennai, has appointed an Insolvency Resolution Professional (IRP) for NOCL.
The NCLT passed the order yesterday based on an application filed by the creditors, it said.
"We have to inform you that under the Insolvency and Bankruptcy Code, 2016, an Insolvency Resolution Professional (IRP) has been appointed by National Company Law Tribunal, on July 25, 2017 for Nagarjuna Oil Corporation Ltd based on an application filed by one of its creditors," NORL said in a filing with bourses.
NORL holds 46.78 per cent of the equity share capital in NOCL, which is involved in setting-up a refinery at Cuddalore in Tamil Nadu.

The company shall be entitled to take any proposal before the IRP during the period of six months or such extension that may be permitted in the event an investor is identified to take the project forward, the filing further said.
NORL shares traded at Rs 4.32 apiece up 3.10 per cent over previous close at 1400 hrs.