IOC Acquires MPL For Rs 148 Cr In Insolvency Case
The resolution plan submitted by IOC for acquisition of 100 per cent stake in Mercator Petroleum Limited (MPL) has been approved by the National Company Law Tribunal, Mumbai Bench vide its order dated 2 November 2023 under the relevant provisions of the Insolvency and Bankruptcy Code, 2016, the company stated in its filing
The Indian Oil Corporation (IOC) has purchased Mercator Petroleum (MPL) for around Rs 148 crore in an insolvency case, according to regulatory filings made by the company. “The resolution plan submitted by IOC for acquisition of 100 per cent stake in Mercator Petroleum Limited (MPL) has been approved by the National Company Law Tribunal, Mumbai Bench vide its order dated 2 November 2023 under the relevant provisions of the Insolvency and Bankruptcy Code, 2016,” the company stated in its filing.
MPL holds an on-land oil and gas exploration property in the Cambay Basin of Gujarat. Around 45.5 million barrels of in-place oil reserves could be discovered in the block CB-ONN-2005/9. The company won these reserves in the 7th NELP bid round in 2008.
IOC’s Koyali refinery is located about 60 km from the block and in November 2019 it signed a contract to buy oil from the block. MPL is having oil and gas exploration block located in Cambay Basin, Gujarat. Indian Oil will implement the resolution plan and complete the regulatory processes, including obtaining necessary approvals, if any, or successful implementation of resolution plan, it added further.