India: Bid Date for Nagarjuna Oil's TN Project Extended

The authorities concerned have again extended the bid date for Nagarjuna Oil Corporation’s refinery project in Tamil Nadu even as Bharat Petroleum Corporation Ltd. (BPCL) continues to remain the sole bidder.

Last month, after the first deadline ran out with BPCL the sole bidder, the NCLT-appointed Resolution Professional and the Committee of Creditors had extended the last date to March 31. But even after the extended time, there have not been any fresh bidders and BPCL is still the only contender for the project. Hence the Resolution Professionals and the Committee of Creditors have chosen to further extend the deadline. The project was promoted by the Hyderabad-based Nagarjuna Group. Following project delay and cost over-runs, it came under the purview of the NCLT last year and a resolution professional called for bids last October.

The 270-day deadline under the Insolvency and Bankruptcy Code falls on April 20 and the time is fast running out for the project and the creditors to recoup at least part of their losses.