Approval by Hon''ble National Company Law Tribunal of Indianoil''s Resolution Plan for Acquisition of Mercator Petroleum Limited Under CIRP

Source Press Release
Company Indian Oil Corporation LimitedMercator Ltd 
Tags Corporate Deals, Deals, Upstream Activities
Date November 03, 2023

Disclosure of information under Regulation 30 of SEBI (LODR) Regulations 2015 - Approval by the Hon’ble National Company Law Tribunal of Indian Oil Corporation Limited’s Resolution Plan for acquisition of Mercator Petroleum Limited under Corporate Insolvency Resolution Process

Pursuant to Regulation 30 of SEBI (LODR) Regulations 2015, it is hereby informed that the resolution plan submitted by Indian Oil Corporation Limited (IndianOil) for acquisition of 100% stake in Mercator Petroleum Limited (MPL) has been approved by the Hon’ble National Company Law Tribunal, Mumbai Bench vide its order dated 2™ November 2023 under the relevant provisions of the Insolvency and Bankruptcy Code, 2016.

MPL s having oil and gas exploration block located in Cambay Basin, Gujarat. IndianOil will implement the Resolution Plan and complete the regulatory processes, including obtaining necessary approvals, if any, for successful implementation of Resolution Plan.

IndianOil cautions that the forward-looking statements are based on reasonable assumptions and no assurance can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed.

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