The circular clarifies the status of Special Purpose Vehicles (SPVs) held by Infrastructure Investment Trusts (InvITs) after the conclusion or termination of concession agreements. It will continue to retain its SPV status even after the concession agreement ends, subject to specified conditions. The circular requires the Investment Manager to either exit the SPV through sale, liquidation, winding-up or merger, or acquire a new infrastructure project in the SPV within one year from completion or termination of the concession agreement, conclusion of pending litigations or tax assessments, or completion of the defect liability period, whichever is later.