# In the matter of Sugar Infra Rail International Ltd. CP(IB) No. 376-7-HDB-2018

> NCLT judgment dated 2019-05-01. Citation: TCN-2019-NCLT-03574. The case pertains to a company petition/application filed under CP(IB) NO. 376/7/HDB/2018. The…

- **Court:** NCLT
- **Order date:** 1 May 2019
- **Citation:** TCN-2019-NCLT-03574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sugar-infra-rail-international-ltd-cpib-no-376-7-hdb-2018-3bd04907

## Summary

### Background

The case pertains to a company petition/application filed under CP(IB) NO. 376/7/HDB/2018. The matter involves Sagar Infra Rail International Ltd as the company and State Bank of India as the petitioner. The case is filed under Section 7 of the IBC. The counsel representing both sides are present, along with the Director and Assistant Sales Manager of the Respondent Company.

## Facts

The case involves a petition filed by State Bank of India against Sagar Infra Rail International Ltd under Section 7 of the IBC. The Respondent Company has proposed a settlement via OTS and is ready to pay 5% upfront. SBI's counsel needs time to respond to the proposal. The Director and Assistant Sales Manager of the Respondent Company are present. The court directs the Respondent to discuss the OTS proposal with the Bank Officials.

## Issues and analysis

### Issue 1: Whether the OTS proposal submitted by Sagar Infra Rail International Ltd is acceptable to State …

**Ratio:** The acceptance of an OTS proposal is contingent upon the agreement of the financial

…

**Reasoning:** The court acknowledges that the decision to accept or reject the OTS proposal lies solely

…

**Interpretation:** The interpretation of the law is that the creditor has the right to decide

…

**Application:** The court directs the respondents to discuss the OTS proposal with the Bank

…

## Parties

- **Judges:** K ANANTH PADMANABH…
- **Respondents:** Sagar Infra Rail…

## Timeline

- **2019-05-01 — Hearing…**: Hearing held on 01.05.2019 at 10.30 AM.…
- **2019-05-13 — Next Hearin…**: Matter to be put up…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sugar-infra-rail-international-ltd-cpib-no-376-7-hdb-2018-3bd04907