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Informist, Monday, Mar. 9, 2026

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal has approved V.K. Gupta & Associates' INR-818.28-million resolution plan for Reliance Infrastructure Ltd.'s subsidiary G.F. Toll Road Pvt. Ltd. V.K. Gupta & Associates is a partnership firm incorporated in 2000 and is engaged in the business of contract work of civil construction, storage, supply, lining and other similar contracts.

 

In 2024, the tribunal admitted a petition by Bank of India to start insolvency proceedings against G.F. Toll Road. The Reliance Infrastructure Ltd.'s subsidiary has admitted dues of INR 5.01 billion. Apart from Bank of India, G.F. Toll Road's creditors include State Bank of India, UCO Bank, Union Bank of India, Bank of Baroda, Punjab National Bank, Indian Bank and Axis Bank. The fair value and the liquidation value of the company is INR 768.20 million and INR 656.30 million respectively. 

 

Bank of India had sanctioned a term loan of INR 1.50 billion to G.F. Toll Road, out of the total consortium amount of INR 5.84 billion. The loan was granted for capital expenditure purposes in respect of upgradation and widening of Gurgaon-Faridabad and Ballabgarh-Sohna road on a build, operate and transfer basis in Haryana. Bank of India acted as the lead bank of a consortium consisting of other banks.

 

Bank of India claimed that G.F. Toll Road had failed to maintain financial discipline and the bank was constrained to classify the account of the infrastructure company as a non-performing asset in 2018. Since the debt remained unpaid, in June 2023, a notice demanding the amount in default was sent to G.F. Toll Road. Thereafter, the bank moved the tribunal to start insolvency proceedings against G.F. Toll Road. In 2025, the committee of creditors of G.F. Toll Road approved VK Gupta’s resolution plan with 100% favourable votes.

 

At 1252 IST, the shares of Bank of India were down 5.6% at INR 150.71 on the National Stock Exchange, the shares of Reliance Infrastructure Ltd. were down 3.2% at INR 91.00.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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