JUDGEMENT

(Virtual Mode) [Per: Shreesha Merla, Member (Technical)] 1. This Appeal is preferred by IFCI Limited under Section 61 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the ‘Code’) against the Impugned Order dated 14/03/2023 passed by the National Company Law Tribunal, Hyderabad Bench - II, Hyderabad in IA(IBC)/1465/2022, whereby the Adjudicating Authority has dismissed the Application filed by the Appellant herein challenging the rejection of its Claim by the 1st Respondent/ the Resolution Professional (RP).

2. Briefly put, the facts as mentioned in the Application, which was dismissed by the Adjudicating Authority, are that IVRCL Limited had won the bid for undertaking Construction, Operation and Maintenance of a Project under ‘National Highway Authority of India’ (“NHAI”) in April 2009, subsequent to Comp App (AT) (CH) (Ins) No. 108/2023 which the concession Agreement dated 25/03/2010 was entered into between NHAI and ‘IVRCL Chengapalli Tollways Limited’ (“ICTL”) for execution of the Project. IFCI agreed to provide financial assistance to the Corporate Debtor through ‘Compulsorily Convertible Debentures’ (“CCDs”) and subsequently the ‘Lette