MEP Infrastructure Developers

Toll road operator is under insolvency resolution regime

The National Company Law Tribunal has initiated the corporate insolvency resolution process (CIRP) against MEP Infrastructure Developers Ltd on a plea filed by Bank of India and appointed an interim resolution professional to take control of the company. The Mumbai bench of the NCLT admitted the plea under the IBC filed by the public sector lender, claiming a default of Rs 127.86 crore. "The factum of the existence of financial debt and its default stands proven on record. It has also been established that the petition is within time. Considering the facts placed before us and the fact that the Corporate Debtor owes the Financial Debt in excess of Rs 1 crore, which is in default. "This bench is of the view that in such circumstances, it is imperative that the CIRP be initiated in the matter of the Corporate Debtor (MEP Infrastructure)," said a two-member NCLT bench in its 9-page order passed on March 28, 2024. The NCLT order further said there would be a moratorium under section 14

The firm has 10 hybrid annuity projects under its fold, seeks smaller bunching of projects as against first TOT tranche given out by NHAI

The company has a three-year O&M contract worth Rs 3.25 bn for the Bandra-Worli Sea Link project

Management says debt-to-equity ratio to alleviate any concerns on part of lenders

It received the letter of acceptance for toll collection at Sau Kala toll plaza on the Aurangabad-Barachatti section of NH-2 in Jharkhand

Hybrid Annuity Mode is a mix of engineering, procurement and construction (EPC) and build operate transfer (BOT) system

The contracts are based on EPC and BOT systems