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Nagarjuna Oil project at Cuddalore in Tamil Nadu, India has entered a liquidation phase under the Insolvency and Bankruptcy Code (IBC) as prospective bidders failed. Bidders which came forward, BPCL, Citax Ventures, Gulf PetroChem and Haldia Petrochemicals submitted bids lower than Rs 1450 Crores which was set as the liquidation value.
