Hopes of a revival of the Nagarjuna Oil Corporation refinery project seem to have been dashed with the creditors not finding any of the bids acceptable, according to reliable sources.
BPCL had submitted a resolution plan for the 6-million-tonne a year refinery coming up in Cuddalore, in Tamil Nadu. However, the cash strapped project came under the purview of the NCLT last year, a resolution professional was appointed and the project put on the block.
Meanwhile, the NCLT will be hearing a petition by the NOCL employees association against the resolution professional and the RP’s counter petition complaining of lack of cooperation by the company staff, the source said.