Delhi High Court - Orders
Idfc First Bank Limited & Anr vs National Highways Authority Of India & ... on 20 March, 2026
$~40
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P.(I) (COMM.) 79/2026
IDFC FIRST BANK LIMITED & ANR. .....Petitioners
Through: Mr. Manmeet Singh, Mr. Alok
Shankar, Mr. Sadhvir Kumar and Ms.
Rishita Khandelval, Advs.
M: 9755994846
versus
NATIONAL HIGHWAYS AUTHORITY OF INDIA
& ORS. .....Respondents
Through: Mr. K.M. Nataraj, ASG for India, for
R-1 (Through VC)
Mr. Arun Kumar Varma, Sr. Adv.
with Ms. Gunjan Sinha Jain and Mr.
Kunal Nagar, Advs. for R-1
M: 9811387311
Mr. Rishi Agrawala, Mr. Daksh Arora
and Mr. Daanish Abbasi, Advs. for R-
2
M: 8527035425
CORAM:
HON'BLE MS. JUSTICE MINI PUSHKARNA
ORDER
% 20.03.2026
1. Mr. K.M. Nataraj, learned Additional Solicitor General ("ASG") as well as Mr. Arun Kumar Varma, learned Senior Counsel appearing for respondent no. 1, i.e., National Highway Authority of India ("NHAI"), submit that there have been certain developments. They submit that the Page 1 of 3 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 23/03/2026 at 22:07:03 respondent no. 2, i.e., the Concessionaire, has already invoked the Arbitration Clause and approached the Arbitral Tribunal. Further, in the said arbitration proceedings, wherein, NHAI is the respondent, by an order dated 16th March, 2026, the learned Arbitral Tribunal has passed certain interim directions, in the following manner:
"xxx xxx xxx
220. In view of the foregoing analysis, the Claimant's Applications being I.A No. 2 of 2024 dated 20.12.2024 preferred under Section 17 of the Arbitration and Conciliation Act, 1996 and I.A. No. 3 of 2024 dated 25.12.2024 are allowed with certain conditions and it is hereby ordered that the Respondent is restrained from giving effect to or acting upon:
(i) Notice dated 10.10.2024 under Clause 17.9.1 of the Concession Agreement;
(ii) Show Cause Notice dated 24.10.2024;
(iii) Cure Period Notice dated 25.10.2024; and
(iv) Intention to Terminate Notice dated 04.02.2025; and
(v) from taking any consequential or incidental actions thereto, including but not limited to issuing any Termination Notice under Clause 37.1.3 of the Concession Agreement, pending final adjudication of the disputes in the present arbitration proceedings.
221. The aforesaid interim relief is granted subject to the following conditions:
(a) Premium Payments: The Claimant shall continue to pay monthly Premium/Additional Concession Fee to the Respondent in accordance with Clause 25.4 of the Concession Agreement;
(b) Arrears of Premium: The Claimant shall pay to the Respondent the arrears of Premium, as directed by the Tribunal vide Order dated 07.03.2024, within 90 (ninety) days from the date of this Order;
(c) Maintenance Obligations: The Claimant shall continue to perform its maintenance obligations under Article 17 of the Concession Agreement and Schedule K thereto. The IE may continue to monitor maintenance activities and issue periodic reports;
(d) Bank Guarantee: The Claimant shall also furnish to the Respondent, a Bank Guarantee for Rs.250 Crores within 30 (thirty) days herefrom, by way of security towards the arrears of Premium/Additional Concession Fee. The Respondent would not encash the Bank Guarantee or deal with Page 2 of 3 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 23/03/2026 at 22:07:03 the same in any manner whatsoever and the Bank Guarantee so furnished shall abide by the final adjudication in the instant arbitral proceeding;
(e) Stage Construction: The Claimant shall submit a detailed work programme for Stage Construction works to the IE with a copy to the Respondent within 60 (sixty) days from the date of this Order, and shall commence Stage Construction works in accordance with the approved work programme; and
(f) Balance Construction Works: The Claimant shall complete all unhindered balance construction works and Punch List items within 90 (ninety) days from the date of this Order. For hindered items, the Claimant shall pursue de-scoping applications with the Respondent.
(g) Non-compliance of any one or more of the above conditions may entail suo motu vacation and/or modification of this Order in the manner as would be deemed necessary by the Tribunal.
xxx xxx xxx"
2. At this stage, learned counsel appearing for the petitioners submits that they shall peruse the order dated 16th March, 2026, passed by the learned Arbitral Tribunal.
3. Accordingly, let replies be filed by the respondents within a period of three weeks, from today.
4. Rejoinder thereto, if any, be filed within one week, thereafter.
5. Re-notify on 27th April, 2026.
6. Interim order to continue.
MINI PUSHKARNA, J MARCH 20, 2026/KR Page 3 of 3 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 23/03/2026 at 22:07:03