more-inThe Committee of Creditors (CoC) of Nagarjuna Oil Corporation (NOCL) is reportedly considering calling for fresh bids for the debt-laden oil firm if the sole bidder BPCL does not raise its current offer. While the bid amount is not known, sources said the CoC, which met here on Friday, considered BPCL’s offer as too low and wanted the bidder to raise its offer to at least match the committee’s valuation of ₹1,500 crore. “The ball is now in the Resolution Professional’s court,” an official, who did not wish to be identified, said. Citax Ventures was the only other player in the fray but its bid was not considered as it had not deposited the bid security amount of ₹10 crore. BPCL indicated to the bankers it was not proposing to acquire the entire firm as NOCL was facing some litigation.

Source: The Hindu March 23, 2018 17:15 UTC