Canara Bank Limited, as a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against GVRMP Dharwad Ramanagar Tollway Private Limited, the Corporate Debtor. The Corporate Debtor, a Special Purpose Vehicle, had availed financial assistance from a consortium of lenders, led by Canara Bank, for a highway project. The debt obligations were to be serviced from toll revenue, but policy changes by the Government of Karnataka affected toll collection, leading to financial distress and default. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA), and the Financial Creditor had previously obtained a recovery order from the Debt Recovery Tribunal

Canara Bank Limited, as a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against GVRMP Dharwad Ramanagar Tollway Private Limited, the Corporate Debtor. The Corporate Debtor, a Special Purpose Vehicle, had availed financial assistance from a consortium of lenders, led by Canara Bank, for a highway project. The debt obligations were to be serviced from toll revenue, but policy changes by the Government of Karnataka affected toll collection, leading to financial distress and default. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA), and the Financial Creditor had previously obtained a recovery order from the Debt Recovery Tribunal