The National Company Law Tribunal, Chennai, has appointed an Insolvency Resolution Professional (IRP) for Nagarjuna Oil Corporation Ltd. (NOCL) which is setting up a six million tonne refinery on the east coast at Cuddalore in Tamil Nadu.
Tuesdays order was based on an application filed by the creditors, a regulatory filing by Nagarjuna Oil Refinery Ltd., which holds 46.78% of the equity capital in NOCL, said.
The company shall be entitled to take any proposal before the IRP during the period of six months or such extension that may be permitted in the event an investor is identified to take the project forward, the filing said.
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