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Nagarjuna Oil Corporation Ltd (NOCL) has informed the National Company Law Tribunal (NCLT), Chennai, that its Committee of Creditors (CoC) has taken decision to go for liquidation of the company, as the efforts to find out a Resolution Plan did not succeed.Nagarjuna Oil Refinery Ltd (NORL), which holds 46.78 per cent of the share capital of NOCL, has informed in a regulatory filing that the Resolution Professional of NOCL has filed an intimation with the NCLT regarding the CoC's communication.NOCL is carrying out a 6 million metric tonnes per annum (MMTPA) petroleum and oil refinery project in Cuddalore, almost 200 kilometers south of Chennai, which is stalled due to shortage of funds. The NCLT has earlier extended the period for Corporate Insolvency Resolution Process (CIRP) by 90 days from January 21, 2018. The extension was approved by the National Company Law Tribunal (NCLT), as the process was not completed in the stipulated 180 day period.The repeated bid by the creditors to ...

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