Bankers and other financial institutions will take around 95 per cent cent hair cut in Nagarjuna Oil Corporation (NOCL). Haldia Petrochemicals (HPL) has agreed to pay Rs 600 crore to revive NOCL and liquidator of NOCL inturn has agreed to pay Rs 560 crore (of the Rs 600 crore) to secured financial creditors for which the firm need to owe Rs 9,864.16 crore.
On the principal the lenders will recover 25 per cent. According to the HPL’s scheme Rs 560 crore will be distributed for secured creditors.
The lenders are SBI, IDBI, PNB & United Bank, HUDCO, Canara Bank, Syndicate Bank, Bank of India, Union Bank of India, Central Bank of India, Indian Bank, LIC, and UCO Bank.
On Thursday, the National Company Law Tribunal (NCLT), Chennai, gave its nod for HPL scheme, submitted through the liquidator V Mahesh, for the revival of NOCL.