Mumbai: A Mumbai bankruptcy court has approved a debt resolution plan given by Bharat PetroResources, a subsidiary of Bharat Petroleum Corp (BPCL) to take over Videocon Oil Ventures (VOVL), upholding Bharat Petro’s right to first refusal as a shareholder in their Brazilian joint venture. The two-judge bench of the NCLT dismissed resolution applicant Petro Rio’s challenge to the committee of creditors’ decision that allowed Bharat Petro to exercise its right of first refusal (RoFR). It noted…
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