A Mumbai bench of the National Company Law Tribunal (NCLT) has approved a debt resolution plan given by Bharat PetroResources Ltd, a subsidiary of Bharat Petroleum Corp Ltd (BPCL) to take over Videocon Oil Ventures Ltd (VoVL) upholding Bharat Petro’s right to first refusal (ROFR) as a shareholder in their Brasilian joint venture.The two judge bench dismissed one of the resolution applicant Petro Rio’s challenge to the committee of creditors’ (CoC) decision allowing Bharat Petro to exercise…
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