LIQUIDATION - EOI FOR SUBMISSION OF SCHEME U/s 230 of CA 2013 Home | Sitemap | Contact
  LIQUIDATION - EOI FOR SUBMISSION OF SCHEME U/s 230 of CA 2013  
     

Liquidator has received EOI from Three Prospective Bidders, for submission of Scheme u/s 230 of the CA 2013


>Haldia Petrochemicals Limited
>Accord Distillers and Brewers P Limited
>Adani Ports and Special Economic Zone Limited
The same are under scrutiny and verification, and the Liquidator would share the Asset Memorandum/Valuation Report to the bidders who have submitted EOI as per terms and conditions specified.

EOI SUBMISSION STATUS:

  Valuation Report together with Asset Memorandum has been circulated to the Prospective Bidders in electronic mode on 13.08.2019.
They have been provided time upto 16.09.2019 (Monday) until 5.00 P.M to submit the scheme as per Section 230 of the Companies Act, 2013 read along with IB Code, 2016

 

SCHEME SUBMISSION STATUS:

 

"In furtherance to the request received from the Bidders and also in consideration of the fact that various commercial, technical and legal issues are yet to be addressed and to enable the Bidders to conduct a detailed Due Diligence, the last date for submission of Scheme has been extended till Thursday, 10.10.2019 (05.00 P.M)".

 

NEW UPDATE:

  "One of the Bidders, M/s. Accord Distillers & Brewers P. Ltd., have sent a Letter to the office of the Liquidator dated 17.09.2019 requesting for withdrawal of their Bank Guarantee and in furtherance to the same, the Liquidator will be taking all the necessary steps to relieve them from the Bidding process".

 

"Letter from Accord Distillers and Brewers P Limited"

 

SUBMISSION OF SCHEME:

  "Out of the two Prospective Bidders, M/s. Haldia Petrochemicals Limited have submitted a Scheme under Section 230 of the CA, 2013 read with IBC, 2016 before the last due date (i.e.) 10.10.2019 and the same is under consideration".

 

FILING OF SCHEME BY THE LIQUIDATOR:

  The Liquidator has filed an Application under Section 230 of the Companies Act, 2013 read together with relevant provisions of IBC, seeking Approval for the Scheme submitted by M/s.Haldia Petrochemicals Limited (Final amended Scheme after due negotiations was submitted by the Bidder on 20-02-2020) from the Hon'ble National Company Law Tribunal, Chennai Bench on 22-05-2020.

 

"The said matter will be posted for hearing shortly and the outcomes of the same will be updated in this website by the office of the Liquidator for the information of the stakeholders".

 

NOTICE CALLING FOR MEETING OF THE STAKEHOLDERS OF NAGARJUNA OIL CORPORATION LIMITED:

 

In pursuance of the Order passed by Honourable NCLT, Chennai Bench in CA/216/2020 in TCP/10/IB/2017 dt:20-08-2020 & Clarificatory Order dt: 07-09-2020 passed in IA/646/2020 in TCP/10/IB/2017, it is hereby informed that the "Stakeholders Committee Meeting" of M/s. Nagarjuna Oil Corporation Limited, Company Under Liquidation, will be held on Wednesday, the 28th day of October, 2020 at 02.30 P.M. electronically via video conferencing facilities. All the Secured Financial Creditors and the Authorized Representatives for each class or category of Stakeholders are requested to attend. Public Announcement in connection with the same has been caused in "The Economic Times" [English - All India Edition] & in "Dinamani" [vernacular language - TN & Pondicherry Edition] on Saturday, the 26th day of September, 2020 (26.09.2020).

 

"Notice calling for the Meeting in FORM - CAA - 2, Notes, Explanatory Statements, Synopsis"

 

RESULTS OF THE STAKEHOLDERS COMMITTEE MEETING:

 

The Result/ outcome of the Stakeholders Committee Meeting of M/s. Nagarjuna Oil Corporation Limited (Company Under Liquidation) convened on 28.10.2020, as per the Directions of the Hon'ble National Company Law Tribunal, Chennai Bench, is herein updated for the information and records of the Stakeholders.

 

"Results of the Stakeholders Committee Meeting held on 28-10-2020"

 

FILING OF COMPANY PETITION BY THE LIQUIDATOR:

 

The Liquidator Shri.V.Mahesh, of M/s. Nagarjuna Oil Corporation Limited (NOCL-CUL) has filed a Company Petition in connection with Company Application No. 216 of 2020 under Section 230 of the Companies Act, 2013 read along with the provisions of Section 33, 53 and 60 (5) of the Insolvency & Bankruptcy Code, 2016 and with Regulation 32 of IBBI (Liquidation Process), Regulations, 2016 in TCP/10/(IB)/2017 before the Honorable National Company Law Tribunal seeking approval for the Scheme of Compromise or Arrangement proposed between the Secured Financial Creditors of NOCL - CUL and Haldia Petrochemicals Limited (Scheme Proponent).

 

The said matter will be posted for hearing shortly and the outcomes of the same will be updated subsequently in this website by the office of the Liquidator for the information of the stakeholders.

 

NOTICE OF HEARING OF THE COMPANY PETITION TO ALL THE STAKEHOLDERS:

 

Kindly take note that the Company Petition No. 546 of 2020 filed in Company Application No. 216 of 2020 in the matter of M/s. Nagarjuna Oil Corporation Limited was heard and admitted on 18.12.2020 and the Order was Pronounced on 23.12.2020 (written copy of the Order received on 28.12.2020). The said matter is fixed for hearing before the Honorable National Company Law Tribunal, Division Bench - I, Chennai, on Friday, the 29th day of January, 2021 (29.01.2021). The Notice of the Hearing together with the Copy of the Order dated 23.12.2020 is enclosed herein below as a PDF document for the information knowledge of all the Stakeholders.

 

"Notice of Hearing of the Company Petition & Order Copy dt 23.12.2020"

 

PUBLIC ANNOUNCEMENT OF THE NOTICE OF HEARING OF THE COMPANY PETITION TO ALL THE STAKEHOLDERS:

 

Take Notice that the Liquidator Shri. V. Mahesh has made a Public Announcement of the Notice of Hearing of the Company Petition No. 546 of 2020, connected with Company Application No. 216 of 2020 in TCP/10/(IB)/2017, in English, in the Economic Times (All India Edition) and in Tamil in Dinamani (Tamil Nadu Edition) on 06.01.2021, as directed by the Honorable National Company Law Tribunal, Division Bench - I, Chennai, vide Order dt: 23.12.2020.

 

UPDATE ON THE HEARING OF THE COMPANY PETITION TO ALL THE STAKEHOLDERS:

 

Take Notice that as per the "Notice of Hearing of the Company Petition", the Company Petition No. 546 of 2020 in Company Application No. 216 of 2020 in TCP/10(IB)/2017, in the matter of Nagarjuna Oil Corporation Limited was heard on 29.01.2021 and thereafter on 16.02.2021 and 17.02.2021, before the Hon'ble National Company Law Tribunal, Division Bench - I, Chennai and Orders reserved.

 

ORDER PRONOUNCED BY THE HON'BLE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH - I, CHENNAI ON 19.03.2021:

 

The Operative portion of the Final Order passed by the Hon'ble National Company Law Tribunal, Chennai Bench in Company Petition No. 546 of 2020 in Company Application No. 216 of 2020 in TCP/10(IB)/2017, in the matter of Nagarjuna Oil Corporation Limited (Company Under Liquidation) is herein extracted below for the information of all the stakeholders. Kindly take note;

 

"the Scheme of Arrangement i.e. a Scheme of Compromise between M/s. Nagarjuna Oil Corporation Limited and its Creditors for takeover of its assets and properties by M/s. Haldia Petrochemicals Limited is hereby APPROVED, subject to observations made in para 9.20 and is binding on the Corporate Debtor viz. NOCL and all other stakeholders involved..............

 

........ As a consequence thereof, CP/546/CAA/2020 stands allowed.".