PNC Infratech Limited has formally concluded its involvement in the Corporate Insolvency Resolution Process (CIRP) for Gwalior Bypass Project Ltd. After protracted legal proceedings, the company has entered into an amicable settlement with the erstwhile director of the corporate debtor. As part of this resolution, the company has received Rs. 20.00 Crore as compensation for costs incurred during the lengthy resolution attempt and has issued a formal No Objection Certificate.
Background of the Settlement
PNC Infratech originally submitted a Resolution Plan for Gwalior Bypass Project Ltd in 2020, which received initial approval from the Committee of Creditors. However, the plan remained unapproved by the National Company Law Tribunal (NCLT) due to extensive litigation involving various stakeholders, including Mr. Nakul Bharana, the suspended director of the corporate debtor.
Strategic Exit
Since August 2020, the company has maintained a performance bank guarantee of Rs. 29.51 Crore to support its bid. Given the excessive time and resources required to navigate the ongoing legal challenges, the management decided to cease pursuit of the project. This strategic pivot allows the company to reallocate resources away from the stalled resolution process.
Financial and Legal Resolution
On April 7, 2026, PNC Infratech finalized an amicable settlement. The company successfully recovered Rs. 20.00 Crore via demand drafts, which covers the expenses and financial resources deployed over the last six years. Following this payment, the company issued a No Objection Certificate (NOC), clearing the way for other stakeholders to consider future proposals for the corporate debtor under Section 12A of the Insolvency and Bankruptcy Code (IBC).
Source: BSE
