# In the matter of HARIDWAR HIGHWAYS PROJECT LIMITED

> NCLT judgment dated 2025-11-04. Citation: TCN-2025-NCLT-01573. National Asset Reconstruction Company Limited (NARCL), acting as a trustee, filed an…

- **Court:** NCLT
- **Order date:** 4 Nov 2025
- **Citation:** TCN-2025-NCLT-01573
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/haridwar-highways-project-limited-379be2a1

## Summary

### Background

National Asset Reconstruction Company Limited (NARCL), acting as a trustee, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Haridwar Highways Project Limited (HHPL) due to default in repayment of financial debt.

## Facts

National Asset Reconstruction Company Limited (NARCL) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Haridwar Highways Project Limited (HHPL).

The corporate debtor, Haridwar Highways Project Limited, defaulted on a financial debt of INR 2386,51,75,911/-.

The financial debt comprised a principal amount of INR 1021,39,84,859/- and an interest amount of INR 1365,11,91,052/-.

Haridwar Highways Project Limited (HHPL) entered into a Concession Agreement with the National Highways Authority of India (NHAI) on 24.02.2010 for a highway project.

Axis Bank Limited sanctioned a term loan of INR 690.60 crores to Haridwar Highways Project Limited (HHPL) for part-financing the project.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, is barred by …

**Ratio:** The application is not

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**Reasoning:** The corporate debtor acknowledged the debt within the limitation period, and the date of

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**Interpretation:** Section 238A of the Code provides for the provision of the Limitation Act, 1963

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**Application:** The NCLT relied on the judgment in Milind Kashiram Jadhav v. State Bank of

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** National Asset…
- **Respondents:** Haridwar Highways…
- **Other parties:** Alok Kumar…; Era Infra…
- **Advocates:** P. Na…; Abhishek…; +8 more

## Timeline

- **2010-02-24 — Concession Ag…**: Haridwar Highways Project Limited entered into a Concession Agreement with the National…
- **2017-02-24 — NPA Classif…**: The account of Haridwar Highways Project Limited was classified as NPA (Non-Performing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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