# In the matter of Era Infra Engineering Ltd. vs. Alok Kumar Agarwal (IRP) and Ors.

> NCLAT judgment dated 2026-03-12. Citation: TCN-2026-NCLAT-00044. These appeals were filed by Era Infrastructure Engineering Ltd. (EIEL), the holding company…

- **Court:** NCLAT
- **Order date:** 12 Mar 2026
- **Citation:** TCN-2026-NCLAT-00044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/era-infra-engineering-ltd-vs-alok-kumar-agarwal-cb2562e7

## Summary

### Background

These appeals were filed by Era Infrastructure Engineering Ltd. (EIEL), the holding company of the corporate debtor (principal borrower and corporate guarantor), challenging the order dated 04.11.2025 passed by the adjudicating authority (National Company Law Tribunal, New Delhi Bench, Court – IV) admitting Section 7 application filed by National Asset Reconstruction Company Ltd. (NARCL) against the principal borrower and the corporate guarantor.

## Facts

Era Infra Engineering Ltd. (EIEL) is an Engineering Procurement and Construction Company engaged primarily in Build-Operate-Transfer Infrastructure Projects.

EIEL was a successful bidder for the Muzaffarnagar Haridwar section from 131 KM to 211 KM of NH-58 in state of Uttar Pradesh and Uttarakhand.

Haridwar Highways Project Ltd. (HHPL) was formed on 02.02.2010 as 100% subsidiary of the appellant to execute the Project.

On 31.07.2010 at the request of HHPL, Axis Bank sanctioned a loan to the tune of Rs.690.60 crore for part financing of the Project – Term Loan I.

On 29.06.2016 a corporate guarantee was executed by Era Infrastructure (India) Ltd. (EIIL) to the Bank of India for Term Loan I, Term Loan II and Term Loan III totalling to Rs.149.48 crore.

…

## Issues and analysis

### Issue 1: Whether the Section 7 application filed by NARCL against the principal borrower and corporate …

**Ratio:** The debt owed by EIEL to the lenders arising out of shortfall undertaking given by

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**Reasoning:** The clauses of the resolution plan cannot be read to mean that it has extinguished the

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**Interpretation:** The resolution plan of EIEL only deals with the debt owed by EIEL to the

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**Application:** The Section 7 application filed by NARCL against HHPL is maintainable as the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Niladri Cha…
- **Respondents:** Era Infra…; Haridwar Highways…; +3 more
- **Other parties:** National Asset…; AXIS…; +6 more
- **Advocates:** Krishnendu…; Priya S…; +13 more

## Timeline

- **2010-02-02 — Formation o…**: Haridwar Highways Project Ltd. (HHPL) was formed as 100% subsidiary of the appellant to…
- **2010-07-31 — Sanction of Te…**: Axis Bank sanctioned a loan to the tune of Rs.690.60 crore for part financing of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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