# In the matter of SAI MAATARINI TOLLWAYS LIMITED

> NCLT judgment dated 2025-04-04. Citation: TCN-2025-NCLT-00258. IDBI Bank Limited, acting as the Financial Creditor (FC), filed an application under Section 7…

- **Court:** NCLT
- **Order date:** 4 Apr 2025
- **Citation:** TCN-2025-NCLT-00258
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sai-maatarini-tollways-limited-31b0ee0b

## Summary

### Background

IDBI Bank Limited, acting as the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Sai Maatarini Tollways Limited, the Corporate Debtor (CD). The application was triggered by the CD's failure to repay a financial debt amounting to Rs 457,56,33,859 as of March 1, 2024. The CD, a Special Purpose Vehicle (SPV) promoted by Gayatri Projects Limited (GPL), was incorporated in 2011 for toll road development. The FC had sanctioned Rs 350 Crores as a Rupee Term Loan for the 4-laning of the Panikolli-Rimuli section of NH-215 in Orissa. The loan was to be repaid in 48 unequal quarterly installments starting from January 1, 2018. Due to a ban on mining

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## Facts

IDBI Bank Limited (Financial Creditor) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Sai Maatarini Tollways Limited (Corporate Debtor) due to a default on a financial debt of Rs 457,56,33,859 as of 01.03.2024. The Corporate Debtor (CD) is a Special Purpose Vehicle (SPV) promoted by Gayatri Projects Limited (GPL) for toll road development. In November 2012, the CD approached the Financial Creditor (FC) for financial assistance for the 4-laning of the Panikolli-Rimuli section of NH-215 in Orissa. The FC sanctioned Rs 350 Crores as a Rupee Term Loan on 20.11.2012, with repayment in 48 unequal quarterly installments from 01.01.2018 to 1.10.2029. Gayatri Projects Limited was to provide a Corporate Guarantee. The CD executed a Deed

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

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

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**Reasoning:** The court found that the Corporate Debtor owed the Financial Creditor Rs 457,56,33,859 as

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**Interpretation:** The definition of financial debt under the Insolvency and Bankruptcy Code (IBC)

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**Application:** The court applied the definition of financial debt to the facts of the case and

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** IDBI Bank L…
- **Respondents:** Sai Maatarini…; M/s Sai Maatarini…

## Timeline

- **2011-01-01 — Incorporation of…**: Sai Maatarini Tollways Limited, a Special Purpose Vehicle (SPV) promoted by Gayatri…
- **2012-11-01 — Application for…**: The Corporate Debtor approached the Financial Creditor for financial assistance for the…

## 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)

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