# Approval of Resolution Plan - GF Toll Road Private Limited

> NCLT judgment dated 2026-02-23. Citation: TCN-2026-NCLT-00192. The application was filed by Sanjay Kumar Mishra, the Resolution Professional of GF Toll Road…

- **Court:** NCLT
- **Order date:** 23 Feb 2026
- **Citation:** TCN-2026-NCLT-00192
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-gf-toll-road-private-limited-aa67987e

## Summary

### Background

The application was filed by Sanjay Kumar Mishra, the Resolution Professional of GF Toll Road Private Limited, seeking approval of the Resolution Plan under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of GF Toll Road Private Limited was initiated on 23.10.2024.

Rahul Jindal was appointed as the Interim Resolution Professional (IRP).

Sanjay Kumar Mishra was appointed as the Resolution Professional (RP) after the 3rd CoC meeting on 20.12.2024.

The Resolution Plan submitted by V K Gupta & Associates was approved by the CoC with 100% voting share on 22.12.2025.

The Resolution Professional issued a Letter of Intent on 23.12.2025, which was accepted by the Successful Resolution Applicant on 24.12.2025.

The Resolution Plan includes sharing of 53% of gross revenue with the financial creditors if the concession period is extended beyond May 31, 2026.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The Tribunal examined the Resolution Plan and found that it provided for the payment of

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**Interpretation:** The Tribunal interpreted Section 30(2) to ensure that the Resolution Plan

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**Application:** The Tribunal applied the provisions of Section 30(2) to the Resolution Plan and

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Sanjay Kumar…
- **Respondents:** GF Toll Road…
- **Other parties:** Bank of…; Rahul J…
- **Advocates:** Pulkit S…

## Timeline

- **2024-10-23 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) of GF Toll Road Private Limited was…
- **2024-10-23 — Appointment…**: Rahul Jindal was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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