The case involves an appeal against the order of the National Company Law Tribunal (NCLT), New Delhi, which admitted a Section 7 application filed by the State Bank of India (SBI) against Bareilly Highways Project Limited, the Corporate Debtor (CD). The CD was constituted as a Special Purpose Vehicle (SPV) for a National Highway Project. SBI sanctioned financial facilities to the CD in 2010. Lenders agreed to extend a loan of ₹1,350 Crore. The loan account was classified as a Non-Performing Asset (NPA) in 2017. The CD submitted a settlement proposal in 2020, which was not accepted. SBI filed the Section 7 application in 2023 for a default of ₹1409.72 Crore. The CD invoked arbitration against NHAI for a claim of ₹9819.18 Crores. The NCLT admitted the Section 7
…Bareilly Highways Project Limited (the Corporate Debtor or CD) was constituted as a Special Purpose Vehicle (SPV) for a National Highway Project. State Bank of India (SBI) sanctioned financial facilities to the CD via a sanction letter dated 15.11.2010. Lenders agreed to extend a loan aggregating to ₹1,350 Crore on 16.12.2010. A Facility Agreement was entered on 16.12.2010, later modified by SBI. The loan account of the CD was classified as a Non-Performing Asset (NPA) on 26.07.2017. The National Highways Authority of India (NHAI) issued a termination notice to the CD on 03.05.2019. The CD submitted a settlement proposal to the lenders in 2020, which was not accepted. SBI filed a Section 7 application on 15.04.2023, claiming a default of ₹1409.72 Crore. The date of
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The case involves an appeal against the order of the National Company Law Tribunal (NCLT), New Delhi, which admitted a Section 7 application filed by the State Bank of India (SBI) against Bareilly Highways Project Limited, the Corporate Debtor (CD). The CD was constituted as a Special Purpose Vehicle (SPV) for a National Highway Project. SBI sanctioned financial facilities to the CD in 2010. Lenders agreed to extend a loan of ₹1,350 Crore. The loan account was classified as a Non-Performing Asset (NPA) in 2017. The CD submitted a settlement proposal in 2020, which was not accepted. SBI filed the Section 7 application in 2023 for a default of ₹1409.72 Crore. The CD invoked arbitration against NHAI for a claim of ₹9819.18 Crores. The NCLT admitted the Section 7
…Bareilly Highways Project Limited (the Corporate Debtor or CD) was constituted as a Special Purpose Vehicle (SPV) for a National Highway Project. State Bank of India (SBI) sanctioned financial facilities to the CD via a sanction letter dated 15.11.2010. Lenders agreed to extend a loan aggregating to ₹1,350 Crore on 16.12.2010. A Facility Agreement was entered on 16.12.2010, later modified by SBI. The loan account of the CD was classified as a Non-Performing Asset (NPA) on 26.07.2017. The National Highways Authority of India (NHAI) issued a termination notice to the CD on 03.05.2019. The CD submitted a settlement proposal to the lenders in 2020, which was not accepted. SBI filed a Section 7 application on 15.04.2023, claiming a default of ₹1409.72 Crore. The date of
…CD entered into a…
SBI and Union Bank of…