NCLT admits NARCL's insolvency plea against Ludhiana Talwandi Toll Roads
This story was originally published at 20:00 IST on 19 June 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal Thursday admitted a petition filed by National Asset Reconstruction Co. Ltd. to initiate insolvency proceedings against Ludhiana Talwandi Toll Roads Pvt. Ltd., a joint venture between Essel Infra Projects Ltd. with 76% share and PAN India Network Ltd. with the remaining 24% share. The tribunal appointed Vikram Kumar as the interim resolution professional of Ludhiana Talwandi Toll Roads to carry out the functions as per the Insolvency and Bankruptcy Code, 2016.
The case has its genesis from Essel Infra and PAN India incorporating Ludhiana Talwandi Toll Roads as a special purpose vehicle for the purpose of designing, constructing, developing, operating, maintaining, managing, and collecting tolls on a highway project. In 2011, the National Highways Authority of India had executed a concession agreement with Ludhiana Talwandi Toll Roads for a period of 29 years, for four-laning of the Ludhiana to Talwandi section of National Highway 95.
Thereafter, Ludhiana Talwandi Toll Roads entered into a common loan agreement with Punjab National Bank as the lenders' agent for a loan of INR 5 billion. In 2012, a novation deed was executed wherein existing lender was Punjab National Bank and new lenders were Indian Overseas Bank, Canara Bank, Central Bank of India, Dena Bank, and India Infrastructure Finance Co. Ltd.
In 2018, the accounts of Ludhiana Talwandi Toll Roads were declared as non-performing assets for a default of INR 378.53 million. In 2024, the debt was assigned to National Asset Reconstruction, which became the financial creditor in the current insolvency petition against Ludhiana Talwandi Toll Roads. As of 2023, Ludhiana Talwandi Toll Roads had unpaid dues of INR 620.07 million. End
Reported by Surya Tripathi
Edited by Subhojit Sarkar
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