More Stories

Informist, Friday, Jul. 31, 2026

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal has approved a joint venture of Agrawal Infrabuild Pvt. Ltd. and Silica Infra Pvt. Ltd.'s INR-4-billion resolution plan for Ludhiana Talwandi Toll Roads Pvt. Ltd. All such claims which are not part of the resolution plan shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect of a claim which is not a part of the plan, said the tribunal.  

 

Upon complete implementation of the resolution plan, the successful resolution applicant envisaged acquisition of 100% shareholding of Ludhiana Talwandi. The joint venture has been constituted with Agrawal Infrabuild as the lead partner holding 50% equity interest and Silica Infra as the other member holding the balance 50% equity interest, with both entities being established players in the field of road and civil construction.

 

The case has its genesis from Essel Infra Projects Ltd. and PAN India Network Ltd. 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. 

 

Last year, the tribunal admitted National Asset Reconstruction Co. Ltd.'s plea to initiate insolvency proceedings against Ludhiana Talwandi Toll Roads, a joint venture between Essel Infra with 76% share and PAN India with the remaining 24% share. Ludhiana Talwandi's other creditor includes India Infrastructure Finance Co. Ltd. Ludhiana Talwandi Toll Roads had admitted dues of INR 12.23 billion.  End

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.