# In the matter of Haridwar Highways Projects Limited

> NCLT judgment dated 2025-11-04. Citation: TCN-2025-NCLT-01750. National Asset Reconstruction Company Limited (NARCL), acting as a trustee, filed an…

- **Court:** NCLT
- **Order date:** 4 Nov 2025
- **Citation:** TCN-2025-NCLT-01750
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/haridwar-highways-projects-limited-c62c5e76

## 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 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, against Haridwar Highways Project Limited.

The Corporate Debtor defaulted on a financial debt of INR 2386,51,75,911/-.

The Financial Creditor, NARCL, acquired the debt from a consortium of lenders via an assignment agreement dated 28.03.2024.

The Corporate Debtor entered into a Concession Agreement with the National Highways Authority of India (NHAI) for a highway project.

The Corporate Debtor's account was classified as NPA on 24.02.2017.

The Corporate Debtor acknowledged its liability under Term Loans I, II, and III in a letter dated 23.09.2021 and in its annual financial statements for 2019-2022.

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## Issues and analysis

### Issue 1: Whether the application …

**Ratio:** Section 238A of the IBC read with Article 137 of the Limitation Act, 1963, provides a

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**Reasoning:** The Corporate Debtor acknowledged its debt in writing within the limitation period,

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**Interpretation:** The date of default cannot be strictly construed as the date of NPA.

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**Application:** The application is not barred by limitation due to the Corporate Debtor's

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## Parties

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

## Timeline

- **2010-02-02 — Incorpor…**: Haridwar Highways…
- **2010-02-24 — Concession Ag…**: Haridwar Highways Project Limited entered…

## 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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