Reliance Infrastructure's plan to revive its SU Toll Road subsidiary just got blocked by the National Company Law Tribunal (NCLT) in Mumbai.
The main issue? The successful resolution applicant wouldn't pay for overdue road repairs, making the proposal a non-starter.
Now, lenders have 15 days to figure out what's next: if they want new bids, the process could drag out for another 120 days.
NHAI intervenes over 136km Salem-Ulundurpet highway
The National Highways Authority of India (NHAI) stepped in because there wasn't clarity on who'd handle repair work for the 136-kilometer Salem-Ulundurpet highway in Tamil Nadu.
This raised red flags about whether the project could actually run smoothly.