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2022 (3) TMI 824 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIValidity of Termination Notice issued by National Highways Authority of India - HELD THAT:- In the Application, direction was sought to IL&FS as well as NHAI not to terminate the ‘Concession Agreement’ between NHAI and Fagne Songadh Expressway Limited, which have been noticed in the first paragraph of the order. However, in the interim passed on 23rd October, 2019, no such direction was issued as prayed for, that is, not to terminate the Concession Agreement between NHAI and Fagne Songadh Expressway Limited. What was observed by this Tribunal was that liberty was given to the Appellant to bring the facts to the notice of the Board of Directors of the IL&FS and Committee if constituted that it has already filed its Resolution Plan, which is viable and feasible and for the said purpose, it was desirable to continue with the Concession Agreement. Interim direction was “If the matter is brought to the notice of the Board of Directors, it will consider the same in accordance with law and the order dated 8th April, 2019 passed by this Appellate Tribunal. In this Application, we are not required to adjudicate the factual dispute between the parties or return any finding as to whether Termination Notice was issued on sufficient ground or not. The remedy of the Applicant lies elsewhere. The Applicant is entitled to seek remedy against actions of the NHAI as per the Concession Agreement dated 22nd March, 2005. We thus are not inclined to entertain the challenge to Notice dated 21st December, 2021 on merits in the present proceedings. It is, however, relevant to notice that as per the affidavit filed on behalf of Union of India and directions issued in this Appeal by this Tribunal from time to time, it is clear that Resolution Process of IL&FS Group Company is at the final stage and as submitted by learned Counsel for the Applicant, it is likely to be completed before 31st March, 2021. Application dismissed.
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