INSUBCONTINENT EXCLUSIVE:
CHENNAI: The beleaguered Rs 4,700-crore Nagarjuna Oil refinery project at Cuddalore in Tamil Nadu has entered the liquidation process under
successful bidder, ended on Friday.
With no successful bidder or a resolution plan in place, the Committee of Creditors (CoC) has
recommended liquidation and the same has been informed by the resolution professional (RP) to NCLT on Friday evening
mtpa (metric tonnes per annum) oil refinery in Cuddalore
This project was later recommended to be the anchor client for the Petroleum, Chemicals Petrochemicals Investment Region (PCPIR) by the
resolution plan that successful bidders had submitted, as they found them far below liquidation value
It is sad that NOCL is going for liquidation
by employees seeking to ensure their rights, as the process of liquidation was out to take place, on certain grounds
dues on Monday this week, was posted for further hearing, with a notice to the Chennai Corporation, it is learnt.
