This case examines the challenges arising from delays in the Noida International Airport project, a flagship greenfield airport developed under the Design-Build-Finance-Operate-Transfer Public-Private Partnership model. The project suffered from missed deadlines, cost overruns and significant penalties. As commercial operations delayed, Arjun Mehta - Director at S&V Advisory, was tasked with quantifying its impact on the project's IRR and advising whether the financial deterioration demanded accelerated completion efforts or a more measured approach. The case aims to compare the various PPP models (Management Contract, Lease Contract, BOT (Build-Operate-Transfer)-Toll, BOT-Annuity, DBFOT) and help participants understand the suitability of each model to unique circumstances, especially the impact of cost and time overruns the structure and working of Special Purpose Vehicles in regard to risk management, as well as foreign currency risk management strategies that can be applied in international infrastructure financing.