Intelligence note
Admitted 23 Oct 2024 by the Mumbai bench on a petition by Bank of India (a financial creditor). Plan from V K Gupta & Associates approved 23 Feb 2026, 488 days after admission (resolved-case median: 630 days). Creditors realise 16.33% of ₹501.14 Cr admitted; haircut 83.7% (median 78.0% across resolutions). That is 124.7% of liquidation value (₹65.63 Cr), better than a break-up sale.
Recovery is structured, not just paid: beyond ₹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. Those proceeds rest on a ₹437.56 Cr award against Haryana PWD, which was under challenge at admission. The asset is 66.185 km of toll road in Gurgaon and Faridabad districts.
Recovery is structured, not just paid: beyond ₹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. Those proceeds rest on a ₹437.56 Cr award against Haryana PWD, which was under challenge at admission. The asset is 66.185 km of toll road in Gurgaon and Faridabad districts.
Case details
CIN
U74990MH2008PTC189112
Incorporated
2008
Registered State
Maharashtra
NCLT Bench
Mumbai
Petition
CP(IB) No. 83 of 2024
Initiated by
FC — BANK OF INDIA
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=1,269, full record) · all benches →
Plan at a glance
The deal
₹81.83 Cr: the company's bank balance of ₹65.53 Cr plus ₹16.25 Cr upfront, and ₹5.00 lakh to operational creditors
Winning plan
V K Gupta & Associates, with 100% of the CoC vote
Payout period
Within 90 days of the Effective Date, which is the date the Bench approves the resolution plan
Deferred payments
SRA proposes sharing 53% of gross toll revenue monthly with Financial Creditors if the concession period is extended beyond 31 May 2026.
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 492.47 | 81.78 | 16.6% |
| Operational and other creditors | 8.66 | 0.05 | 0.58% |
| All creditors | 501.14 | 81.83 | 16.3% |
All creditors together: about 16 paise for every ₹1 of admitted claims.
Recent movement
4 Jan 2025
EoI deadline
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% voting share · 25th meeting · voted 22 Dec 2025
How the plan pays
·Upfront ₹16.25 Cr, including payment to financial creditors against the arbitration award. Financial creditors also get 53% of monthly gross toll revenue if the concession runs beyond 31 May 2026, 71% of net arbitration-award proceeds, and 53% of other awards or settlements.
EoI / Form-G detail
Dates as captured from IBBI on 30 Aug 2026
Case timeline
◆ RP changed during process23 Oct 2024
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
4 Jan 2025
EoI deadline
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
₹20.00 Cr
Paid-up capital
₹1.96 Cr
Industry (MCA)
Business Services
ROC
ROC Mumbai
Company status
Active
Registered address
Reliance Centre, 19, Walchand Hirachand Marg, Ballard Estate, Mumbai, Mumbai City, Maharashtra, 400001, India
Claims filing history
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Secured financial creditors | ₹492.47 Cr | ₹492.47 Cr | 100% |
| Operational creditors | ₹109.08 Cr | ₹8.66 Cr | 8% |
| Total of listed classes | ₹601.55 Cr | ₹501.14 Cr | 83% |
Of ₹601.55 Cr claimed across these classes, ₹501.14 Cr stands admitted — 83 paise per ₹1 claimed made it past verification.
v5 · latest
as on 16 Jul 2025 · filed by Sanjay Kumar Mishra
v4
as on 6 May 2025 · filed by Sanjay Kumar Mishra
v3
as on 10 Feb 2025 · filed by Rahul Jindal
v2
as on 6 Jan 2025 · filed by Rahul Jindal
v1
as on 6 Nov 2024 · filed by Rahul Jindal
Committee of creditors
As recorded in the plan-approval order of 23 Feb 2026
| Creditor | Class | Voting share | Vote | Admitted |
|---|---|---|---|---|
| State Bank of India | Financial creditor | 4.24% | for | |
| Union Bank of India | Financial creditor | 24.77% | for | |
| UCO Bank | Financial creditor | 15.18% | for | |
| Bank of Baroda | Financial creditor | 14.42% | for | |
| Bank of India | Financial creditor | 17.30% | for | |
| Punjab National Bank | Financial creditor | 6.12% | for | |
| Indian Bank | Financial creditor | 12.60% | for | |
| Axis Bank | Financial creditor | 5.37% | for |
The CoC had eight banks: State Bank of India, Union Bank of India, UCO Bank, Bank of Baroda, Bank of India, Punjab National Bank, Indian Bank and Axis Bank. All voted for the plan, a 100% voting share.
Dissenting creditors: The Plan provides priority payment to dissenting financial creditors under Section 30(2)(b) and Regulation 38(1)(b).
Sources, basis and disclaimers → ·
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This case vs Construction & Infrastructure
Haircut83.7%
typical for this sector 67.8%
Recovery vs liquidation value124.7%
typical for this sector 141.4%
81% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution488 days
typical for this sector 767 days
Size rank in sector#51 of 194
Key parties
Resolution Professional
19 IBBI mandates · 2 of 3 resolved plans beat the liquidation floor
IRP at commencement
Rahul Jindal → · Oct 2024
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
Bank of India FC
Resolution applicant
V K Gupta & Associates
About the applicant
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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