Legal Developments & Supreme Court Ruling
Noida Toll Bridge Company Limited (NTBCL) faced a definitive legal setback when the Supreme Court dismissed its Special Leave Petition on December 20, 2024, and subsequent Review Petition on May 9, 2025. This upheld the Allahabad High Court's 2016 judgment that permanently discontinued toll collection on the DND Flyway after 25 years of service. The court applied the Doctrine of Severability, preserving the Concession Agreement while setting aside the return formula. Consequently, NTBCL recorded a massive impairment of ₹23,249.70 lakhs on its intangible asset (right to collect toll), fundamentally altering its financial structure.
Financial Performance FY2025-26
Despite the impairment, NTBCL returned to profitability in FY2025-26 with a consolidated net profit of ₹27.24 crore, a dramatic improvement from the previous year's loss of ₹244.19 crore. Revenue increased to ₹58.84 crore (from ₹42.61 crore) primarily driven by advertising income and significant tax refunds. The company maintains negative net worth and continues to be classified as a 'red entity' under the IL&FS resolution framework, indicating inability to meet payment obligations.
IL&FS Resolution Framework & Debt Position
Operating within the wider IL&FS resolution process, NTBCL benefits from the NCLAT moratorium granted since October 15, 2018. The company has not accrued interest on loans and borrowings since this cut-off date. Outstanding debt includes ₹23.60 crore secured term loan from ICICI Bank and ₹19.30 crore unsecured loan from IL&FS Transportation Networks Limited. NTBCL made an interim distribution of ₹23.80 crore to secured financial creditors in FY2024-25 as part of the resolution framework.
Extensive Litigation Portfolio
NTBCL faces multiple ongoing legal battles:
- Income Tax Demands: Historical demands totaling over ₹23,127 crores primarily on valuation of land and future toll receivables, with significant portions resolved in NTBCL's favor through ITAT orders
- NOIDA Advertising Arrears: ₹100 crore demand contested before Delhi High Court with interim relief against coercive action
- Service Tax Demand: ₹31 lakhs demand set aside by CESTAT, remanded for fresh adjudication
- Arbitration Proceedings: Stayed by Supreme Court since April 2019 regarding termination of license agreement
- Land Acquisition Compensation: Notice for enhanced compensation of ₹16.33 crore which NTBCL contests
Operations & Maintenance
Despite financial constraints, NTBCL maintains the DND Flyway to high standards through subsidiary ITNL Toll Management Services Limited. The infrastructure services approximately 250,000 vehicles daily with 99.6% rideability uptime. An independent technical assessment concluded the pavement is structurally sound with no major strengthening required in the near future, estimating functional maintenance requirements of ₹20 crore through FY2031.
Governance & Shareholding
The board proposes appointment of Mr. Balvinder Singh as Independent Director subject to shareholder approval at the 30th AGM scheduled for September 21, 2026. Major shareholders include IL&FS Transportation Networks Limited (26.37%) and NOIDA Authority (5.37%), with public and institutional investors holding the remaining 73.63%. The company continues to operate under NCLT-granted exemptions from certain corporate governance requirements.