INFORM: Infrastructure, Projects & Finance – December 2025

In our latest edition, we have shared the trends shaping the infrastructure landscape and key developments in projects and finance, with certain case laws highlighting the judicial perspective.

Case laws:

• SC: Misreading Tender ITR Requirement Invalidates Bid Rejection
• Rejection Dehors the NIT Is Unsustainable
• Completed Auction Can Be Set Aside Only for Fundamental Illegality
• Section 34 SARFAESI Does Not Bar Suit to Cancel Sale Deed
• Judicial Review in Tenders Is Limited to Arbitrariness: Allahabad HC

Quick Reads:

• MoRTH Initiates Review of Toll Pricing Principles
• India Grants Infrastructure Status to Large Ships
• Government To Overhaul Highway Contracts
• India Moves to Open Civil Nuclear Sector to Private Investment
• MoRTH Proposes Contract Rating Framework

Notifications/Circulars:

• NHAI Clarifies Applicability of Price Index Multiple on First-Year O&M Payments
• Guidelines Issued on Competitive Bidding for Waste-to-Energy Projects
• NHAI Updates Guidelines for Pre-Bid Query Processing
• NHAI Publishes Real-Time Data on Under-Bidding Projects
• NHAI Opens a New Front in Retail-Focused Asset Monetisation
• IBBI Proposes Reforms to Strengthen Insolvency Governance
• IBBI Issues Revised Guidelines for IP Panel (January–June 2026)
• NHAI Issues 2025 Guidelines for ETC Systems at Toll Plazas