# In the matter of Dehradun HIghways Projects Ltd. (IB)-725 (ND)-2020

> NCLT judgment dated 2020-09-18. Citation: TCN-2020-NCLT-00588. The case involves an application filed by ICICI Bank Ltd. under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 18 Sept 2020
- **Citation:** TCN-2020-NCLT-00588
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dehradun-highways-projects-ltd-ib-725-nd-2020-9933aef1

## Summary

### Background

The case involves an application filed by ICICI Bank Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Dehradun Highways Project Limited. The corporate debtor was granted a concession by the National Highways Authority of India (NHAI) for the construction, operation, maintenance, and management of a road section. To finance this project, the corporate debtor availed credit facilities from the applicant financial creditor, ICICI Bank. Several credit facilities were extended over time, including rupee term loans and external commercial borrowings. The corporate debtor defaulted on its payment obligations, leading to the account being classified as a Non-Performing Asset

…

## Facts

1. On 24.02.2010, NHAI granted Dehradun Highways Project Limited a concession for road construction and management.
2. ICICI Bank sanctioned a rupee term loan of INR 2700 Million with a USD 60 million sub-limit as an external commercial borrowing (ECB) on 29.03.2011.
3. An ECB facility agreement was executed on 07.06.2011, providing up to USD 60 Million for the project.
4. The Corporate Debtor requested and ICICI Bank agreed to extend a rupee term loan aggregating to INR 2700 Million (DHPL RTL-1 Facility) on 08.12.2011.
5. Due to cost overruns, ICICI Bank sanctioned additional rupee term loans on 04.09.2014: Tranche-A (INR 313.4 Million) and Tranche-B (INR 706.1 Million).
6. An amended and restated common loan agreement was entered on 27.03.2015, between the Corporate

…

## Issues and analysis

### Issue 1: Whether the debt is …

**Ratio:** Section 18 of the Limitation Act, 1963, provides that where, before the expiration of the

…

**Reasoning:** The NCLT considered the arguments of both parties regarding the applicability of Section

…

**Interpretation:** Section 18 of the Limitation Act allows for the extension of the limitation

…

**Application:** In this case, the NCLT found that the Corporate Debtor's letter dated

…

## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** ICICI Ban…
- **Respondents:** DEHRADUN HIGHWAYS…

## Timeline

- **2010-02-24 — Concession Ag…**: NHAI granted Dehradun Highways Project Limited a concession for road construction and…
- **2011-03-29 — Loan San…**: ICICI Bank sanctioned a rupee term loan of INR 2700 Million with a USD 60 million…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/dehradun-highways-projects-ltd-ib-725-nd-2020-9933aef1