Juris Corp successfully advised and represented National Asset Reconstruction Company Limited (NARCL) before the National Company Law Tribunal (NCLT), Mumbai, leading to the admission of Ludhiana Talwandi Toll Roads Private Limited into corporate insolvency resolution proceedings (CIRP).

Transaction team included Partner Saurabh Sharma, Associate Partner Jinal Shah and Associate Ronit Chopra.

Juris Corp has successfully advised and represented National Asset Reconstruction Company Limited (NARCL) before the National Company Law Tribunal (NCLT), Mumbai, in securing the admission of Ludhiana Talwandi Toll Roads Private Limited (LTTRPL/ Corporate Debtor) into the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC).

The matter pertains to the resolution of a longstanding infrastructural debt involving LTTRPL, a Special Purpose Vehicle (SPV) incorporated by Essel Infra Projects Limited, for the purpose of designing, constructing, operating, and maintaining a toll road project in Punjab.

The project was financed in 2011 through a loan of INR 500 Crores extended by a consortium of lenders. Despite multiple restructuring attempts, the LTTRPL remained in continuous default.

In 2023, the debt was assigned to NARCL, a government-backed asset reconstruction company tasked with resolving non-performing assets in the Indian banking system. Upon assignment, NARCL moved swiftly to initiate CIRP under the IBC, citing clear evidence of default, continued enforceability within the limitation period, and financial default far exceeding the statutory threshold.

Following detailed submissions made by Juris Corp, NCLT Mumbai admitted the application and ordered the commencement of CIRP against LTTRPL, paving the way for a formal resolution process under judicial oversight.

This development supports NARCL’s broader goal of helping banks recover bad loans and bringing financially stressed but potentially viable companies back on track through timely insolvency action.