The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by National Asset Reconstruction Company Limited (NARCL), acting as a trustee, against Ludhiana Talwandi Toll Roads Private Limited ('Corporate Debtor') for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated as a special purpose vehicle for the design, construction, development, operation, maintenance, management, and toll collection of the Ludhiana to Talwandi section of NH 95 in Punjab, under a concession agreement with the National Highways Authority of India (NHAI). To finance the project, the Corporate Debtor entered into a Common Loan Agreement with Punjab National Bank (PNB) and later with a consortium of lenders.
…The Corporate Debtor, Ludhiana Talwandi Toll Roads Private Limited, was incorporated on 2010-12-20 as a special purpose vehicle for a road project. The National Highways Authority of India (NHAI) executed a Concession Agreement with the Corporate Debtor on 2011-01-20 for a 29-year period. The Corporate Debtor entered into a 'Common Loan Agreement' on 2011-07-19 with Punjab National Bank (PNB) to finance the project. A Novation Deed was executed on 2012-03-27, involving existing and new lenders. Canara Bank sanctioned a Rupee Term Loan on 2011-09-21, which was later modified on 2012-08-16. Canara Bank disbursed Rs. 38,56,00,000 between 2012-03-29 and 2016-02-29. The Scheduled Commercial Operation Date (SCOD) was agreed upon as 2014-01-16 but was extended multiple times.
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Ludhiana Talwandi Toll Roads Private Limited…
National Highways Authority of India (NHAI)…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by National Asset Reconstruction Company Limited (NARCL), acting as a trustee, against Ludhiana Talwandi Toll Roads Private Limited ('Corporate Debtor') for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated as a special purpose vehicle for the design, construction, development, operation, maintenance, management, and toll collection of the Ludhiana to Talwandi section of NH 95 in Punjab, under a concession agreement with the National Highways Authority of India (NHAI). To finance the project, the Corporate Debtor entered into a Common Loan Agreement with Punjab National Bank (PNB) and later with a consortium of lenders.
…The Corporate Debtor, Ludhiana Talwandi Toll Roads Private Limited, was incorporated on 2010-12-20 as a special purpose vehicle for a road project. The National Highways Authority of India (NHAI) executed a Concession Agreement with the Corporate Debtor on 2011-01-20 for a 29-year period. The Corporate Debtor entered into a 'Common Loan Agreement' on 2011-07-19 with Punjab National Bank (PNB) to finance the project. A Novation Deed was executed on 2012-03-27, involving existing and new lenders. Canara Bank sanctioned a Rupee Term Loan on 2011-09-21, which was later modified on 2012-08-16. Canara Bank disbursed Rs. 38,56,00,000 between 2012-03-29 and 2016-02-29. The Scheduled Commercial Operation Date (SCOD) was agreed upon as 2014-01-16 but was extended multiple times.
…Ludhiana Talwandi Toll Roads Private Limited…
National Highways Authority of India (NHAI)…