National Asset Reconstruction Company Limited (NARCL), as Financial Creditor, filed a Section 7 application under the IBC against West Haryana Highways Project Private Limited (WHHPPL), the Corporate Debtor, for a default of Rs. 17,10,00,62,484/-. The Corporate Debtor was formed as a Special Purpose Vehicle (SPV) for a highway project, financed by a consortium of senior and subordinate banks. Due to project delays and cost escalation, the Corporate Debtor defaulted, and its accounts were declared Non-Performing Assets (NPAs) by various banks between 2013 and 2016. The original loans were subsequently assigned to NARCL.

National Asset Reconstruction Company Limited (NARCL), as Financial Creditor, filed a Section 7 application under the IBC against West Haryana Highways Project Private Limited (WHHPPL), the Corporate Debtor, for a default of Rs. 17,10,00,62,484/-. The Corporate Debtor was formed as a Special Purpose Vehicle (SPV) for a highway project, financed by a consortium of senior and subordinate banks. Due to project delays and cost escalation, the Corporate Debtor defaulted, and its accounts were declared Non-Performing Assets (NPAs) by various banks between 2013 and 2016. The original loans were subsequently assigned to NARCL.