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Informist, Thursday, Mar. 12, 2026

 

NEW DELHI – The National Company Law Appellate Tribunal Thursday upheld insolvency proceedings against principal borrower Haridwar Highways Project Ltd. and corporate guarantor Era Infrastructure (India) Ltd. and rejected a petition by their holding company Era Infra Engineering Ltd. Haridwar Highways Project and Era Infrastructure (India) have unpaid dues of INR 23.87 billion and INR 1.44 billion, respectively, towards National Asset Reconstruction Co. Ltd.

 

The debt of lenders towards principal borrower and the corporate guarantor would  not be eclipsed by approval of the resolution plan for Era Infra Engineering Ltd., which had itself undergone insolvency, said the appellate tribunal. Relevant clauses of the resolution plan and clarification affidavit given by the successful resolution applicant of Era Infra Engineering have already been noticed which clearly indicate that the debt of unsecured financial creditor with respect to the principal borrower and guarantor was not to be extinguished with and financial creditors were fully entitled to proceed, said the appellate tribunal.

 

While Haridwar Highways had taken a loan from a consortium of banks, Era Infra Engineering gave a sponsor undertaking with respect to those financial facilities and Era Infrastructure (India) gave a guarantee. Before insolvency petitions were filed against the principal borrower and guarantor, Era Infra Engineering underwent insolvency proceedings.

 

In the resolution plan for Era Infra Engineering, the lenders of Haridwar Highways had already filed their claim, which was admitted and dealt with in the resolution plan, said the petitioner. When the lenders have filed their claim, the debt has been dealt and resolved in the insolvency proceedings and no legally enforceable debt subsists on the date of filing of the insolvency application, said the petitioner.  End

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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