State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/S. Suratgarh Bikaner Toll Road Company Pvt. Ltd.

The Corporate Debtor was created as a Special Purpose Vehicle (SPV) for a road project by the Public Works Department of the Government of Rajasthan.

The Corporate Debtor availed credit facilities from State Bank of Patiala and other banks, later consolidated under a consortium led by Punjab National Bank.

The Corporate Debtor obtained an aggregate limit of Rs. 450 Crores from the consortium, with Rs. 75 Crores sanctioned by the Financial Creditor.

The Corporate Debtor created security interest by way of first charge on movable and immovable assets, escrow account, and other intangible assets.

State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/S. Suratgarh Bikaner Toll Road Company Pvt. Ltd.

The Corporate Debtor was created as a Special Purpose Vehicle (SPV) for a road project by the Public Works Department of the Government of Rajasthan.

The Corporate Debtor availed credit facilities from State Bank of Patiala and other banks, later consolidated under a consortium led by Punjab National Bank.

The Corporate Debtor obtained an aggregate limit of Rs. 450 Crores from the consortium, with Rs. 75 Crores sanctioned by the Financial Creditor.

The Corporate Debtor created security interest by way of first charge on movable and immovable assets, escrow account, and other intangible assets.