Lenders to consider resolution plans for debt-ridden Nagarjuna Oil today

If the Committee of Creditors (CoC) do not select a bidder in the meeting, chances are that the refinery firm would go for liquidation.

The Committee of Creditors (CoC) for Nagarjuna Oil Corporation Ltd (NOCL) will meet on Tuesday to consider the resolution plans of prospective investors. 

According to sources, West Bengal-based Haldia Petrochemicals and GP Global, UAE, formerly known as Gulf Petrochem, are the potential bidders. Citax Energy, which has been pursuing the NOCL project for some time now, is also in the race, they said.

The National Company Law Tribunal (NCLT) earlier extended the period for Corporate Insolvency Resolution Process (CIRP) of NOCL by 60 days, and the deadline is expected to end in another two days from the date of this