IL&FS road arm West Gujarat Expressway admitted to insolvency; creditors asked to file claims by November 16
The National Company Law Tribunal (NCLT) has admitted West Gujarat Expressway Ltd (WGEL), a road company in the IL&FS group, into the corporate insolvency resolution process (CIRP). The insolvency commencement date is November 2, 2026.
A public announcement in Form A, published on Wednesday, says the tribunal has appointed Parshva Manoj Shah as interim resolution professional (IRP). His registration number is IBBI/IPA-001/IP-P-02538/2025-2026/14518. The announcement was made under Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Creditors must submit their claims with proof to the IRP by November 16. Financial creditors can file claims only electronically. Operational and other creditors can file in person, by post or electronically. The announcement warns that false or misleading claims will attract penalties.
The estimated closing date of the insolvency process is May 1, 2027, 180 days from the commencement date. The IRP has not identified any class of creditors under Section 21(6A) of the Insolvency and Bankruptcy Code. So no authorised representatives are being appointed for creditor classes at this stage.
The announcement does not say who filed the insolvency petition, whether it was filed under Section 7, 9 or 10 of the Code, which NCLT bench admitted it, or the amount of default.
The company
WGEL was incorporated on March 14, 2005, with the Registrar of Companies, Mumbai. It is an unlisted public company with corporate identity number U60200MH2005PLC151958. Its registered office is at The IL&FS Financial Centre in Bandra Kurla Complex, Mumbai, the headquarters of Infrastructure Leasing & Financial Services (IL&FS).
WGEL was set up as a project company of IL&FS Transportation Networks (ITNL), IL&FS’s road arm. It maintained the Jetpur–Gondal–Rajkot road section and the Rajkot bypass in Saurashtra, Gujarat, according to the company’s 2013-14 annual report published on ITNL’s website. That year it reported toll revenue of ₹47.53 crore.
Project databases list it as a build-operate-transfer (BOT) highway project awarded by the National Highways Authority of India. The project covered about 68 km: 36 km of two-lane highway widened to four lanes and 32 km of an existing four-lane stretch improved. The concession runs for 20 years.
WGEL’s annual report also shows it issued unsecured subordinated debentures of ₹36 crore to IL&FS in 2007. This means the parent itself is among the company’s creditors.
IL&FS angle
IL&FS and more than 300 of its group companies have been under a government-appointed board since the group defaulted in 2018. The board has been running a resolution process for the group under NCLT and NCLAT supervision. Group companies have been sorted by their ability to meet debt obligations, and assets have been sold or settled through that framework.
WGEL’s admission into insolvency under the IBC is notable for that reason. Most of the IL&FS group’s road companies have been resolved through the group-level process rather than through individual insolvency proceedings.
The IRP will now take over the management of WGEL, verify claims and form a committee of creditors. The committee will then decide on inviting resolution plans for the company.
Discover more from Insolvency Tracker
Subscribe to get the latest posts sent to your email.
