(ET)
The bankrupt Nagarjuna Oil Corporation (NOCL), which is under liquidation process after failing to find out a successful resolution plan, has recieved bids from three firms — Adani Ports and Special Economic Zone, Haldia Petrochemical and Accord Distillers and Brewers — to revive the company.
Nagarjuna Group said the bids were under scrutiny and verification, and liquidator would share the asset memorandum/valuation report to the bidders. NOCL, which is setting up a 6 million tonne per annum (MTPA) petroleum and oil refinery project in Cuddalore in Tamil Nadu, had been ordered to undergo liquidation process after the company failed to get a successful resolution plan in the Corporate Insolvency Resolution Process (CIRP). Subsequently, in December 2018, the National Company Law Tribunal (NCLT), Chennai, ordered liquidation of the company, which is an associate of Nagarjuna Oil Refinery (NORL).
