NCLT appoves Haldia's plan for Nagarjuna Oil
The Hindu
The National Company Law Tribunal (NCLT), Chennai has approved the resolution plan submitted by Haldia Petrochemicals for Nagarjuna Oil Corporation Ltd. (NOCL).
V. Mahesh, liquidator for NOCL, confirmed the development, but the final order copy is awaited. NOCL's refinery project in Cuddalore was supposed to go on stream in 2012, but faced numerous delays, including in the form of a cyclone in 2011. Time and cost overruns resulted in the project cost escalating to ₹15,000 crore from ₹3,500 crore.
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