NCLT Admits Toll Road Insolvency

The National Company Law Tribunal, Mumbai Bench-VI, by its order dated 11 June 2026, admitted Canara Bank's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against HK Toll Road Private Limited and simultaneously dismissed the Corporate Debtor's application under Section 65 alleging malicious initiation of insolvency proceedings. 

The Tribunal held that the existence of financial debt and default stood conclusively established, and that pending arbitral proceedings, contractual claims against NHAI or prospective recoveries could not prevent commencement of the Corporate Insolvency Resolution Process (CIRP).