# 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-03703. The case involves an application (I.A. 6111/2022) filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 20 Apr 2023
- **Citation:** TCN-2023-NCLT-03703
- **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-7d8c3032

## Summary

### Background

The case involves an application (I.A. 6111/2022) filed by the Resolution Professional (RP) 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 but later availed a Rupee Term Loan facility. NHAI terminated the agreement, leading to disputes and a writ petition filed by Bank of India. The High Court suggested settlement, and NHAI offered Rs. 306.62 Crores. The CoC approved liquidation due to the absence of a viable resolution plan but also approved seeking directions to settle with NHAI. The RP sought permission from NCLT to sign the settlement

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## 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 from a consortium of lenders. NHAI terminated the concessionaire agreement, leading to disputes. Bank of India, one of the lenders, filed a writ petition before the Delhi High Court. The High Court suggested settlement, and NHAI offered Rs. 306.62 Crores. The Committee of Creditors (CoC) approved liquidation due to the absence of a viable resolution plan. The CoC also approved seeking directions to enter into a settlement with NHAI. The Resolution Professional (RP) filed an application (I.A. 6111/2022) before the NCLT, seeking permission to

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## Issues and analysis

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

**Ratio:** The Resolution Professional is empowered to manage the operations of the Corporate Debtor

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**Reasoning:** The NCLT reasoned that Sections 23 and 25 of the IB Code outline the duties and powers of

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**Interpretation:** The IB Code grants the Resolution Professional the authority to take necessary

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**Application:** In this specific case, the Resolution Professional sought permission to enter

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## Parties

- **Judges:** SHRI. P.S.N.…; BINOD KUMAR…
- **Appellants:** ICICI Ban…
- **Respondents:** DEHRADUN HIGHWAYS…
- **Advocates:** Abhishek…; Karan K…; +1 more

## 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 between the parties to secure the lenders,…

## 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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