# In the matter of SUPREME AHMEDNAGAR KARMALA TEMBHURNI TOLLWAYS PRIVATE LIMITED

> NCLT judgment dated 2026-03-19. Citation: TCN-2026-NCLT-00236. Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 19 Mar 2026
- **Citation:** TCN-2026-NCLT-00236
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/supreme-ahmednagar-karmala-tembhurni-tollways-private-limited-446cd34d

## Summary

### Background

Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Supreme Ahmednagar Karmala Tembhurni Tollways Private Limited due to a default amount of INR 283,95,36,232.68 as of 31.10.2024. The Corporate Debtor is a Special Purpose Vehicle (SPV) incorporated for the execution of a road project.

## Facts

Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Supreme Ahmednagar Karmala Tembhurni Tollways Private Limited.

The default amount was INR 283,95,36,232.68 as of 31.10.2024, with the original date of default being 31.12.2015.

The Corporate Debtor is a Special Purpose Vehicle (SPV) incorporated on 29.11.2010 for the execution of the Four laning of Ahmednagar-Karmala-Tembhurni Road S.H.141.

The Corporate Debtor availed a loan from a consortium of lenders, including Canara Bank, for the BOT Project granted by the Public Works Department (PWD).

The Corporate Debtor executed a Revival Letter dated 12.04.2021, acknowledging the liability towards the consortium of lenders, including the Financial Creditor.

…

## Issues and analysis

### Issue 1: Whether the present Application has been filed …

**Ratio:** The application was

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**Reasoning:** The Corporate Debtor acknowledged the subsisting liability by executing a Revival Letter

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**Interpretation:** The Hon'ble Supreme Court in Vidyasagar Prasad vs. UCO Bank and Anr., Civil

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**Application:** The acknowledgment is within 3 years, as per Section 18 of the Limitation Act

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Canara…
- **Respondents:** Supreme Ahmednagar…
- **Other parties:** Rajesh Jhunjhunwal…
- **Advocates:** Yash Dh…; Rohan Agg…

## Timeline

- **2024-11-26 — Application…**: The present Application…
- **2010-11-29 — Incorporation of…**: Supreme Ahmednagar Karmala Tembhurni…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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