Indian biodiesel pioneer files for bankruptcy with $776.6 million in debts

In India, biodiesel producer Gujarat Oleo Chemical has filed for bankruptcy with the National Company Law Tribunal as a result of $776.6 million in debts. The company uses castor biodiesel to produce Undecylenic Acid and Heptaldehyde through a continuous cracking process. It was the country’s first biodiesel producer and has been selling biodiesel to the Indian Oil Company since at least 2004. The government only deregulated biodiesel sales so it could be sold to non-oil marketing companies last year.