Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about Rs 148 crore in an insolvency proceeding. As per the resolution plan, the company will pay Rs 135 crore to secured financial creditors, who had admitted claims of Rs 291 crore.
IOC acquires Mercator Petroleum for Rs 148 crore financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about INR 148 crore in an insolvency proceeding. As per the resolution plan, the company will pay INR 135 crore to secured financial creditors, who had admitted claims of INR 291 crore.
Synopsis
Law relating to force majeure is quite settled and one requirement of law that when the contract itself provides for the force majeure and reliefs therefrom, the aggrieved party is bound to follow the process of notification.
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Various courts in India have also recognized COVID-19 as force majeure.
Force majeure clauses are risk attribution clauses, which specifically deal with the attribution of risk arising out of a force majeure event. Force majeure events are often broadly defined as unforeseeable events, over which parties have no control, which are not a result of a default of one party and which cannot be prevented by parties by exercising reasonable care and caution.