# National Asset Reconstruction Company Limited vs. West Haryana Highways Project Private Limited

> NCLT judgment dated 2026-10-15. Citation: TCN-2026-NCLT-01221. National Asset Reconstruction Company Limited (NARCL), as Financial Creditor, filed a Section 7…

- **Court:** NCLT
- **Order date:** 15 Oct 2026
- **Citation:** TCN-2026-NCLT-01221
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/west-haryana-highways-projects-private-limited-crn2z

## Summary

### Background

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.

## Facts

National Asset Reconstruction Company Limited (NARCL), as Trustee of NARCL Trust - 0019, represented by India Debt Resolution Company Limited, filed an application to initiate CIRP against West Haryana Highways Project Private Limited (WHHPPL/Corporate Debtor).

The claimed amount in default is Rs. 17,10,00,62,484/- as on 28.02.2025, including interest and penal interest, with a principal amount of Rs. 3,85,90,52,099/-.

The National Highways Authority of India (NHAI) invited bids for a four/six-laning project on NH-10 (Delhi-Haryana Border to Rohtak section) on a Build, Operate and Transfer (BOT) basis.

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## Issues and analysis

### Issue 1: Whether there is a financial debt and default by West Haryana Highways Project Private Limited …

**Ratio:** The Adjudicating Authority's role under Section 7 of the IBC is limited to ascertaining

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**Reasoning:** The Corporate Debtor did not plead that the amount in default had been paid, nor did it

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**Interpretation:** For a Section 7 application, the 'existence of debt' which is 'due' from a

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**Application:** Based on the undisputed loan documents, the Balance Confirmation Letter, and

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## Parties

- **Judges:** BACHU VENKAT…; RAVINDRA CHATURVED…
- **Appellants:** National Asset…
- **Respondents:** West Haryana…
- **Other parties:** Hem Singh B…; Amit Bh…; +18 more
- **Advocates:** Abhishek…; Smriti Ch…; +7 more

## Timeline

- **2007-02-23 — MoU for Consortium…**: A Memorandum of Understanding (MoU) was executed between M/s Karam Chand Thapar & Bros.…
- **2007-07-05 — NHAI Letter of…**: National Highways Authority of India (NHAI) issued a Letter of Acceptance (LOA) to the…

## 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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