Authority: Supreme Court of India

Order Date: 17-07-2026

Case Overview

  • Parties: Consortium of M/s Crown Steels and M/s Sunrise Industries (Appellant) vs. Delhi Metro Rail Corporation Limited & Others (Respondents).
  • Proceedings: Civil Appeal Diary No. 32327/2026 arising from the impugned final judgment and order dated 27-03-2026 in CAAT(I) No. 1683/2025 passed by the National Company Law Appellate Tribunal.
  • Background: The appellant seeks enforcement of the Resolution Plan approved by the National Company Law Tribunal (Adjudicating Authority) on 30‑07‑2024. The plan, in paragraphs 10.9‑10.11, obliges DMRC, Delhi Development Authority, MCD and other authorities to permit change in management and shareholding of the corporate debtor (Pratibha Industries Limited – PIL) and to revive the Concession Agreement in favour of the corporate debtor without additional liability. The appellant argues the approval order is final and binding on DMRC, which is a stakeholder.
  • Dispute: DMRC contends that the Concession Agreement was terminated on 01‑03‑2017, prior to the initiation of the Corporate Insolvency Resolution Process (CIRP), and therefore cannot be revived by the Resolution Plan. The appellant asserts that the successful resolution applicant steps into the shoes of the corporate debtor and may pursue remedies, including arbitration, for the termination.
  • Key Submissions:

1. The Resolution Plan is binding on all stakeholders, including DMRC, as per paragraph 10.2 of the NCLAT order.

2. DMRC’s letter dated 24‑04‑2026 acknowledges termination of the Concession Agreement but expresses willingness to consider conciliation/arbitration.

3. Paragraph 14(i) of the impugned order allegedly prevents any direction to revive the terminated Concession Agreement.

Final Outcome

1. The Court condoned the delay in filing the interim applications.

2. The Court affirmed that the appellant (the consortium) is the successful resolution applicant under the approved plan.

3. The Court directed the respondents (DMRC) to file an affidavit indicating their willingness to undertake arbitration/conciliation concerning the revival of the Concession Agreement. The notice is returnable on 12‑08‑2026.

4. The notice on behalf of the respondents was accepted by Mr. Tarun Johri.

5. The petitioner (appellant) is not required to make any further deposit under the Resolution Plan pending the outcome of the arbitration/conciliation.

Topics: Insolvency Resolution, Concession Agreement