# In the matter of GF Toll Road Private  Limited

> NCLT judgment dated 2024-10-23. Citation: TCN-2024-NCLT-00368. The case involves two company petitions, CP (IB)/83 (MB)/2024 filed by Bank of India and CP…

- **Court:** NCLT
- **Order date:** 23 Oct 2024
- **Citation:** TCN-2024-NCLT-00368
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gf-toll-road-private-limited-2a8638e6

## Summary

### Background

The case involves two company petitions, CP (IB)/83 (MB)/2024 filed by Bank of India and CP (IB)/120 (MB)/2024 filed by Indian Bank, both under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against GF Toll Road Private Limited. Bank of India, acting as the lead bank of a consortium, had sanctioned a term loan to GF Toll Road Private Limited for a road project in Haryana. Allahabad Bank, later merged with Indian Bank, was also part of the consortium. GF Toll Road Private Limited defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA). The corporate debtor has an arbitral award in its favor against HPWD. The corporate debtor filed

…

## Facts

Bank of India (BOI) and Indian Bank filed applications under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against GF Toll Road Private Limited (GFTRPL). BOI, as the lead bank of a consortium, sanctioned a Rupee term loan of Rs. 150 Crores (Allocated Rs.100 Crores) to GFTRPL, out of a total consortium amount of Rs.584 Crores, for capital expenditure related to the Gurgaon-Faridabad & Ballabhgarh-Sohna road project on a build, operate, and transfer (BOT) basis in Haryana. The consortium included Indian Bank (after merger with Allahabad Bank), Axis Bank, Bank of Baroda, Union Bank of India, State Bank of Patiala, UCO Bank, and Punjab National Bank. GFTRPL is a special purpose vehicle (SPV) of

…

## Issues and analysis

### Issue 1: Whether there exists a financial debt and …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

…

**Reasoning:** The Corporate Debtor has clearly admitted the liability vide its affidavit in reply as

…

**Interpretation:** A financial debt exists when there is a debt along with interest, if any, which

…

**Application:** The Corporate Debtor availed loan of Rs. 584 Crore and as on 30.09.2024, the

…

## Parties

- **Judges:** V. G. Bisht…; SH. PRABHAT…
- **Appellants:** Bank of…
- **Respondents:** GF Toll Road…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2009-01-31 — Concession Ag…**: Concession agreement was signed for a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

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-division-bench-court-i-chenn/gf-toll-road-private-limited-2a8638e6