After NCLAT, NCLT now also dismisses appeal of Hindustan Oil Exploration Company

Hindustan Oil Exploration Company (HOEC)s attempt to contest implementation of the Resolution Plan completed in September was struck down for the third time by NCLTs Allahabad Bench on December 21.

This a series of repeated appeals made by HOEC since 2018 which have been repeatedly dismissed by the NCLAT.

HOEC continued to repeatedly approach the judiciary system to obtain a favourable result that would move JEKPL closer towards liquidation. This would then allow HOEC to gain control of its participating interest in Kharsang Field at no cost through one of its offshore subsidiaries.

NCLAT in March dismissed HOEC’s petition for the second time against the order of the Allahabad Bench of NCLT in February.

This order also declared Invenire Energy as the successful resolution applicant in the second round of bidding round that concluded in June 2019.