With the final clearance from NCLT for the deal, GAIL became the second PSU after Indian Oil Corporation, which has successfully taken over a bankrupt private sector company Mercator through the IBC route. “We being satisfied approve the resolution plan submitted by GAIL (India) Limited the resolution applicant shall obtain necessary approvals required under any law for the time being in force within a period of one year from the date of approval of the resolution plan,” an NCLT Mumbai order said. JBF Petrochemicals owns Rs 7,918 crore to a consortium led by IDBI Bank. This comes after the National Company Law Tribunal ( NCLT) cleared GAIL’s Rs 2,079 crore resolution plan to buyout JBF Petrochemicals. JBF Petrochemicals, a subsidiary of polyester producer JBF Industries, was set up in September 2008 to operate a planned 1.25 mn tonnes per year purified terephthalic acid (PTA) plant at Mangalore, Karnataka.In a leg-up to further its presence in the petrochemical sector, state-owned public sector undertaking ( PSU) GAIL has cleared all obstacles to take over JBF Petrochemicals.
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