GAIL wins bankruptcy court nod to acquire JBF Petrochemicals

GAIL has received approval for its resolution plan from the Ahmedabad Bench of the National Company Law Tribunal (NCLT) for the acquisition of JBF Petrochemicals Limited for Rs 20.79 billion. A consortium of Indian Oil Corporation Limited and Oil and Natural Gas Corporation had also submitted bids for the insolvency process run by IDBI Bank to recover Rs 56.28 billion worth of dues from financial and operational creditors. JBF Petro­chemicals was incorporated in 2008 to set up a 1.25 million tonne per an­num (mtpa) purified terephthalic acid plant at Mangalore Special Econo­mic Zone. IDBI and other banks had lent money to JBF for the same.