The case involves an application filed by IFCI Limited, a government of India company and financial institution, against the Resolution Professional of IVRCL Chengapalli Tollways Ltd (ICTL). IFCI sought the rejection of the Resolution Professional's decision to not admit IFCI's claim as a financial creditor in the Corporate Insolvency Resolution Process (CIRP) of ICTL. The core issue revolves around whether Compulsorily Convertible Debentures (CCDs) subscribed by IFCI should be treated as debt or equity. The National Highway Authority of India (NHAI) had invited proposals in April 2009 for a project involving the construction, operation, and maintenance of a six-lane highway on Chengapalli. IVRCL Limited won the bid. A concession agreement was entered into between NHAI
…In April 2009, the National Highway Authority of India (NHAI) invited proposals for a project to construct, operate, and maintain a six-lane highway from Km 102.035 to Km 144.680 on Chengapalli. IVRCL Limited won the bid after scrutiny. On March 25, 2010, NHAI and IVRCL Chengapalli Tollways Limited (ICTL) entered into a Concession Agreement. The Applicant, IFCI, agreed to provide financial assistance to the Corporate Debtor, ICTL, through Compulsorily Convertible Debentures (CCDs). A Letter of Intent (LoI) was issued on September 28, 2010. The terms of the CCDs were modified several times. IFCI subscribed to CCDs numbering 12,50,00,000 with a face value of Rs.10/- each, amounting to Rs. 125,00,00,000/-, via a Debenture Subscription Agreement (DSA) dated October 14,
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National Highway…
NHAI and IVRCL…
The case involves an application filed by IFCI Limited, a government of India company and financial institution, against the Resolution Professional of IVRCL Chengapalli Tollways Ltd (ICTL). IFCI sought the rejection of the Resolution Professional's decision to not admit IFCI's claim as a financial creditor in the Corporate Insolvency Resolution Process (CIRP) of ICTL. The core issue revolves around whether Compulsorily Convertible Debentures (CCDs) subscribed by IFCI should be treated as debt or equity. The National Highway Authority of India (NHAI) had invited proposals in April 2009 for a project involving the construction, operation, and maintenance of a six-lane highway on Chengapalli. IVRCL Limited won the bid. A concession agreement was entered into between NHAI
…In April 2009, the National Highway Authority of India (NHAI) invited proposals for a project to construct, operate, and maintain a six-lane highway from Km 102.035 to Km 144.680 on Chengapalli. IVRCL Limited won the bid after scrutiny. On March 25, 2010, NHAI and IVRCL Chengapalli Tollways Limited (ICTL) entered into a Concession Agreement. The Applicant, IFCI, agreed to provide financial assistance to the Corporate Debtor, ICTL, through Compulsorily Convertible Debentures (CCDs). A Letter of Intent (LoI) was issued on September 28, 2010. The terms of the CCDs were modified several times. IFCI subscribed to CCDs numbering 12,50,00,000 with a face value of Rs.10/- each, amounting to Rs. 125,00,00,000/-, via a Debenture Subscription Agreement (DSA) dated October 14,
…National Highway…
NHAI and IVRCL…