IBC process: Two fresh bids for Nagarjuna after NCLT rejects liquidation

Unlike other assets undergoing insolvency resolution, NOCL is not in operation and, hence, does not earn any revenue

Two fresh bids have been submitted after the insolvency process for Nagarjuna Oil Corporation (NOCL) ran into controversy. The firm’s committee of creditors (CoC) was recommending liquidation, but the Chennai Bench of the National Company Law Tribunal (NCLT) asked the lenders to examine resolution. 

Sources close to the resolution said: “The highest bid is Rs 14 billion but the upfront payment is less. The remaining payment is over a span of 10 years, which is why we are not interested.” The CoC had earlier rejected bids from Bharat Petroleum, Haldia Petrochemicals of Kolkata’s The Chatterjee Group and GP Global, citing the