Intelligence note
A toll-road resolution where the recovery is structured, not just paid: beyond the Rs 16.25 Cr upfront, financial creditors take 53% of gross toll revenue if the concession extends past May 2026 and 71% of net arbitration proceeds - contingent consideration tied to the asset itself. Plan by V K Gupta and Associates, approved 100% in e-voting concluded 22.12.2025 after the 25th CoC meeting.
Case details
CIN
U74990MH2008PTC189112
Incorporated
2008
Registered State
Maharashtra
NCLT Bench
Mumbai
Initiated by
FC — BANK OF INDIA
Defunct / BIFR
1
Commencement
23 Oct 2024
Outcome Date
23 Feb 2026
Admitted Claims
₹501.14 Cr
Liquidation Value
₹65.63 Cr
Fair Value
₹76.82 Cr
Realisable Amount
₹81.83 Cr
Recovery vs Claims
16.33%
Recovery vs LV
124.7%
NCLT Mumbai: median 550 days admission → verdict · 34% of concluded matters ended in plan approval (n=1,203, full record) · all benches →
Recent movement
23 Oct 2024
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
04 Jan 2025
Expressions of interest invited
RP: Rahul Jindal
23 Feb 2026
Resolution plan approved
Acquired by V K Gupta & Associates
Haircut 83.67%
Haircut 83.67%
Valuations & recovery
Fair value
₹76.82 Cr
Liquidation value
₹65.63 Cr
Recovery vs fair value
106.52%
Recovery vs liquidation value
124.7%
The plan
Successful applicant
V K Gupta & Associates
CoC approval
100.00% voting share · 25th meeting · 22 Dec 2025
How the plan pays
·Upfront amount of Rs 16.25 Cr, including upfront payment to operational creditors
·53% of gross toll revenue to be shared with financial creditors if the concession period extends beyond 31 May 2026, monthly
·71% of net arbitration-award proceeds (after taxes and expenses) to financial creditors, on receipt
·53% of any monetary award, settlement or compensation receivables shared with financial creditors
·Performance security of Rs 10 Cr furnished by the SRA; equity infusion of 5,00,000 shares of Rs 10 each
Curated verbatim from the NCLT plan-approval order - the authoritative per-case record. Contingent components pay only if their conditions occur.
EoI / Form-G detail
Plan submission by
19 Jan 2025
⚠ IBBI rp-process tab, scraped 28/30-Aug-2026. Stands for 2 same-day notices (lots) - all in src_formg.
Case timeline
23 Oct 2024
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
04 Jan 2025
Expressions of interest invited
RP: Rahul Jindal
23 Feb 2026
Resolution plan approved
Acquired by V K Gupta & Associates
Haircut 83.67%
Haircut 83.67%
16 months elapsed · admission → resolution
Company
Legal name
GF TOLL ROAD PRIVATE LIMITED
Type
Private · Company limited by shares
Listing
Unlisted
Incorporated
23 Dec 2008
Authorised capital
₹20 Cr
Paid-up capital
₹1.96 Cr
Industry (MCA)
Business Services
ROC
ROC Mumbai
Company status
Active — company survived resolution
Registered address
Reliance Centre, 19, Walchand Hirachand Marg, Ballard Estate,Mumbai,Mumbai City,Maharashtra,400001-India
Source: MCA Company / LLP Master Data — registry snapshot; figures are as on the stated date, not live.
Claims filing history
Creditor classes with claims on file (latest version) — a chip with ↓ opens the filed creditor list, with per-creditor claimed and admitted amounts
v5 · latest
as on 16 Jul 2025 · filed by Mr. Sanjay Kumar Mishra
v4
as on 06 May 2025 · filed by Mr. Sanjay Kumar Mishra
v3
as on 10 Feb 2025 · filed by Rahul Jindal
v2
as on 06 Jan 2025 · filed by Rahul Jindal
v1
as on 06 Nov 2024 · filed by Rahul Jindal
IBBI claims register, filed by the professional under the CIRP/liquidation regulations · a re-filed version means claims were re-verified — cadence is activity, amounts live in the per-class filings.
Committee of creditors
CoC composition not yet recorded for this case. Sourced from NCLT filings — added over time.
About this data: Case data is assembled from NCLT/NCLAT orders, IBBI public announcements, quarterly outcome records and the MCA registry. See how every number is sourced, checked and corrected →.
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This case vs Other Services
Haircut83.7%
typical for this sector 78.1% · median of 155
Recovery vs liquidation value124.7%
typical for this sector 121.7% · median of 149
75% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution488 days
typical for this sector 603 days · median of 160
Size rank in sector#31 of 160
Medians across every recorded Other Services resolution in stressed.in's IBBI universe — the median, not the average, because these distributions are skewed and the average of the recovery ratio is not a meaningful number. The Code sets a 330-day outer limit; 72% of concluded cases exceed it (n=4,549). How these are computed →
Key parties
Resolution Professional
13 IBBI mandates · 114.9% of liquidation value realised across concluded work
IRP at commencement · replaced
Rahul Jindal → · Oct 2024
◆ RP changed during CIRP — IRP was replaced
CIRP initiated by
Bank Of India FC
Resolution applicant
V K Gupta & Associates
V K Gupta and Associates - construction of highways, flyovers, large span bridges and roads; combined net worth with partners of 154.55 Crore as on March 31, 2024.
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