# In the matter of Dehradun Highways Project Limited I.A. 6111-2022 in Company Petition No. (IB) – 725-(ND)-2020

> NCLT judgment dated 2023-04-20. Citation: TCN-2023-NCLT-03705. The case involves an application (I.A. 6111/2022) filed by the Resolution Professional of…

- **Court:** NCLT
- **Order date:** 20 Apr 2023
- **Citation:** TCN-2023-NCLT-03705
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dehradun-highways-project-limited-ia-6111-2022-in-company-petition-no-ib-725-nd-339d1c26

## Summary

### Background

The case involves an application (I.A. 6111/2022) filed by the Resolution Professional of Dehradun Highways Project Limited, seeking directions to enter into a settlement agreement with the National Highway Authority of India (NHAI) on behalf of the Corporate Debtor. The Corporate Debtor had entered into a concessionaire agreement with NHAI for a highway project and availed a Rupee Term Loan facility. NHAI terminated the agreement, leading to disputes and a writ petition filed by Bank of India. Settlement talks ensued, and NHAI offered Rs. 306.62 Crores. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor but also approved seeking directions to enter into a settlement with NHAI.

## Facts

Dehradun Highways Project Limited (Corporate Debtor) entered into a concessionaire agreement with National Highway Authority of India (NHAI) for a highway construction project. The Corporate Debtor availed a Rupee Term Loan facility through a Common Loan Agreement. A substitution agreement was also in place to secure the lenders. NHAI issued a notice terminating the concessionaire agreement. Bank of India, a lender, filed a writ petition before the Delhi High Court. The Corporate Debtor proposed a settlement. The Delhi High Court recorded NHAI's willingness to pay Rs. 306.62 Crores. The lenders were agreeable to the offer from NHAI. The NCLT initiated CIRP against the Corporate Debtor on 2020-09-18. The CoC resolved for liquidation but also approved seeking directions

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## Issues and analysis

### Issue 1: Whether the Resolution Professional requires specific approval from the Adjudicating Authority …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount and should not be

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**Reasoning:** The NCLT reasoned that the Resolution Professional is duty-bound to take immediate

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**Interpretation:** The legal issue revolves around the extent of the Resolution Professional's

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**Application:** The NCLT applied the ratio by stating that the Resolution Professional is

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## Parties

- **Judges:** SHRI. P.S.N.…; BINOD KUMAR…
- **Appellants:** ICICI Ban…
- **Respondents:** DEHRADUN HIGHWAYS…

## Timeline

- **2010-02-24 — Concessionaire…**: The Corporate Debtor entered into a Concessionaire agreement with NHAI for the project of…
- **2010-12-07 — Substitution A…**: Substitution agreement was entered into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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