Debt-ridden Nagarjuna Oil looks for liquidation, says report
Updated : July 26, 2018 08:52 AM IST
Nagarjuna Oil Corporation (NOCL) seems to be heading for liquidation despite the company receiving a second chance for revival from the Chennai bench of the National Company Law Tribunal (NCLT) in April, The Times of India reported.
At its July 24 meeting, the company's committee of creditors (CoC) - comprising 15 state-owned lenders - have recommended liquidation of the company to the NCLT at its next hearing on Thursday, the paper reported.
In April, when the company's CoC had opted for liquidation, two key bidders - Haldia Petro of Kolkata and Gulf Petro of UAE - increased their bids.
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