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(Under Section 10 of the Insolvency and Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016)

IN THE MATTER OF WEST GUJARAT EXPRESSWAY LIMITED [CIN: U66020MH1995PLC095507]

The IL&FS Financial Centre Plot No. C-22 G Block Bandra - Kurla Complex, Bandra-, East, Mumbai Maharashtra, India, 400051.

... Corporate Applicant / Corporate Debtor Pronounced: 02.11.2026 CORAM:

HON’BLE SHRI ASHISH KALIA, MEMBER (JUDICIAL)

HON’BLE SHRI BANWARI LAL MEENA, MEMBER (TECHNICAL)

Appearances: Hybrid For Applicant : Adv. Kaustubh Srivastava (VC)

For NHAI : Adv. Nishant Awana a/w Adv. Ekta Kundu (VC)

ORDER

[PER: ASHISH KALIA (MEMBER JUDICIAL)]

1. BACKGROUND

1.1 The present C.P. (IB)/218(MB)2026 was filed on 25.02.2026 by West Gujarat Expressway Limited (hereinafter referred to as the “Corporate Applicant” or the “Corporate Debtor”) under Section 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code”), read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as the “AA Rules”), in Form 6, seeking initiation of the Corporate Insolvency Resolution Process (“CIRP”) against itself.

1.2 The Corporate Debtor was incorporated on 14.03.2005 as a special purpose vehicle (“SPV”) by IL&FS Transportation Networks Limited (“ITNL”) and Infrastructure Leasing & Financial Services Limited (“IL&FS”). Its Corporate Identity Number (“CIN”) is U60200MH2005PLC151958, and it is registered with the Registrar of Companies, Mumbai. The Corporate Debtor is an unlisted public company having its registered office at the IL&FS Financial Centre, Bandra-Kurla Complex, Mumbai. Accordingly, this Bench has territorial jurisdiction to entertain the present Petition in terms of Section 60(1) of the Code.

1.3 The authorised and paid-up share capital of the Corporate Debtor is stated to be ₹40,00,00,000/-, comprising 2,00,00,000 equity shares and 2,00,00,000 preference shares of ₹10/- each. As on 08.08.2025, IL&FS held 52,00,015 equity shares, representing 26.00% of the equity share capital, while ITNL, together with its nominees, held 1,47,99,925 equity shares, representing 73.99%. ITNL also held the entire preference share capital of the Corporate Debtor. The relevant particulars are set out in Annexures A, B and C. The master data available on the Ministry of Corporate Affairs (“MCA”) portal reflects the status of the Corporate Debtor as “Active – Non-Compliant”, with its last Annual General Meeting having been held on 28.09.2022.

2. CONTENTION OF CORPORATE DEBTOR/APPLICANT

2.1 On 22.03.2005, the Corporate Debtor entered into a Concession Agreement with the National Highways Authority of India (“NHAI”) for the development, operation and maintenance of the Jetpur–Gondal–Rajkot section of National Highway No. 8B under the Build-Operate-Transfer (“BOT”) model. The Appointed Date under the Concession Agreement was 17.09.2005. The completion certificate was issued on 14.08.2008, and toll operations commenced on 16.05.2008. The concession was granted for a period of 20 years.

2.2 By an order dated 01.10.2018 passed in C.P. No. 3638/2018, instituted under Sections 241 and 242 of the Companies Act, 2013, this Tribunal superseded the erstwhile Board of Directors of IL&FS and appointed a New Board. Subsequently, by an order dated 15.10.2018, the National Company Law Appellate Tribunal (“NCLAT”) stayed proceedings against the IL&FS Group. On 12.03.2020, the NCLAT approved the Resolution Framework, including the Revised Distribution Framework, under the supervision of Justice (Retd.) D.K.

Jain.

2.3 Thereafter, by an order dated 06.12.2022, the NCLAT classified the Corporate Debtor as a “Red Entity”. As recorded in Note 28 to the audited financial statements for the financial year 2024–25, the Corporate Debtor has not provided for interest on its debts from the date of such classification.

2.4 NHAI issued a notice