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To,
International Assets Reconstruction Company Private Limited.,
406, DLF South Court, Saket,
New Delhi-110017
New Delhi-110017
E-mail: iarc@iarc.co.in

Subject: Re: Non-compliance of Approved Resolution Plan vide NCLT Order dated
05.03.2021

Sir,
As you are aware, Transstory Tirupati-Thiruthani-Chennai Tollways Private Limited
(“Company”) which was in the business of Road laying work was admitted into CIRP vide
Hon’ble NCLT Order dated 03.06.2019. Subsequently, International Assets Reconstruction
Company Private Limited (“you”) emerged as the successful resolution applicant after the
erstwhile Committee of Creditors (“CoC”) have approved the resolution plan which was
submitted by you on 06.08.2020 in their 22nd CoC meeting held on 09.09.2020 and
10.09.2020. Thereafter, the Hon’ble NCLT vide its order dated 05.03.2021 has approved the
resolution plan submitted by you.

The successful resolution plan submitted by you had certain Condition Precedents (“CP”)
that need to be fulfilled as per the terms in Clause 4.2 of the Resolution Plan. The time period
for fulfilling the CP as per the terms of the Resolution Plan is 180 (hundred and eighty) days
from the date of approval of the Resolution Plan by the Hon’ble NCLT which is the Long
Stop Date.

It is bought to your notice that the period for completing the CP had expired on 04.09.2021
pursuant to which a 30 (thirty) day extension was provided till 03.10.2021, basis your request
to the erstwhile CoC. It is bought to your notice that despite repeated communication by the
erstwhile Resolution Professional and the members of the erstwhile CoC for fulfillment of the
payment obligation you have failed to comply with the timelines as specified in the
Resolution Plan even after a 30 day extension was provided.

It is bought to your notice that NHAI though their letter dated 14.10.2021 have clearly
intimated their disapproval on modifications to the in-principle key terms and entering into a
supplementary agreement with you which is envisaged as a key component of the CP.

It is requested that you take further necessary action at the earliest to implement the
resolution plan and pay the resolution amount of Rs. 188,10,00,000/- within 7 days (one
week) from the date of receipt of this letter.

If you fail to deposit the resolution amount within the time frame as provided in this letter,
please take note that the erstwhile CoC, without prejudice to any other rights that may be
available to it, will be constrained to take appropriate legal action against you.

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