Gujarat State Road Development Corporation filed an application under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, against the decision of the Resolution Professional of Valechchha Toll Roads Limited (Corporate Debtor) regarding the rejection of the applicant's claim as an operational creditor. The applicant sought a declaration as a creditor and direction to admit the claim, amend the Information Memorandum, and ensure resolution applicants modify their plans accordingly. The applicant was authorized by the Government of Gujarat to augment the existing road on the Bhuj Bhachau section of the State Highway No.42 by constructing it on a build, operate, and transfer basis. A Concession Agreement was executed on 12.07.2011. Due to delays, a Supplementary
…The Gujarat State Road Development Corporation (Applicant) was authorized by the Government of Gujarat to augment the existing road on the Bhuj Bhachau section of State Highway No. 42 on a build, operate, and transfer (BOT) basis. In 2009, a consortium was selected for the work, and the Corporate Debtor, Valechchha Toll Roads Limited, was incorporated as a limited liability company to undertake the project. A Concession Agreement was executed on 12.07.2011. Due to delays, a Supplementary Agreement was executed on 12.05.2015. The Applicant provided a one-time infusion of funds of Rs. 74 crore on 24.10.2017, but the Corporate Debtor still failed to complete the work. Notices were issued on 14.11.2019 and 31.03.2021. The Applicant demanded payment towards the premium as
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Concession Agreement executed between Gujarat…
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Gujarat State Road Development Corporation filed an application under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, against the decision of the Resolution Professional of Valechchha Toll Roads Limited (Corporate Debtor) regarding the rejection of the applicant's claim as an operational creditor. The applicant sought a declaration as a creditor and direction to admit the claim, amend the Information Memorandum, and ensure resolution applicants modify their plans accordingly. The applicant was authorized by the Government of Gujarat to augment the existing road on the Bhuj Bhachau section of the State Highway No.42 by constructing it on a build, operate, and transfer basis. A Concession Agreement was executed on 12.07.2011. Due to delays, a Supplementary
…The Gujarat State Road Development Corporation (Applicant) was authorized by the Government of Gujarat to augment the existing road on the Bhuj Bhachau section of State Highway No. 42 on a build, operate, and transfer (BOT) basis. In 2009, a consortium was selected for the work, and the Corporate Debtor, Valechchha Toll Roads Limited, was incorporated as a limited liability company to undertake the project. A Concession Agreement was executed on 12.07.2011. Due to delays, a Supplementary Agreement was executed on 12.05.2015. The Applicant provided a one-time infusion of funds of Rs. 74 crore on 24.10.2017, but the Corporate Debtor still failed to complete the work. Notices were issued on 14.11.2019 and 31.03.2021. The Applicant demanded payment towards the premium as
…Concession Agreement executed between Gujarat…
Supplementary Agreement executed between…