Haldia Petrochemicals emerges as successful bidder for Coastal Oil & Gas Infrastructure

Haldia Petrochemicals Limited (HPL) has emerged as the successful bidder for the distressed Coastal Oil & Gas Infrastructure Private Limited (COGIL), an SPV of Nagarjuna Oil Corporation Limited that was acquired by HPL last year through a liquidation process. HPL was one of two resolution applicants that submitted resolution proposals for purchasing COGIL via the corporate insolvency resolution procedure. BOMS Private Limited was the other resolution applicant, but the committee of creditors (CoC) adopted HPL’s resolution plan with a vote of 68.68 per cent. HPL has proposed a resolution amount of Rs 375 million in lieu of the liquidation value of Rs 364.6 million, which was approved by the CoC.

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