# In the matter of Suratgarh Bikaner Toll Road Company Limited

> NCLT judgment dated 2025-12-01. Citation: TCN-2025-NCLT-01756. State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 1 Dec 2025
- **Citation:** TCN-2025-NCLT-01756
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/suratgarh-bikaner-toll-road-company-limited-270cc981

## Summary

### Background

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

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether there is the existence of financial debt as …

**Ratio:** Yes, there is an existence of debt as

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**Reasoning:** The material placed on record confirms that the State Bank of Patiala, now merged with

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**Interpretation:** Section 5(8) defines financial debt, and the sanctioned amount falls within

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**Application:** The Tribunal decided the issue in favor of the applicant, SBI/Financial

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** State Bank of…
- **Respondents:** M/S. Suratgarh…
- **Other parties:** Prawincharan…
- **Advocates:** Joy S…; Snehasish…; +4 more

## Timeline

- **2012-02-20 — Incorporati…**: Corporate Debtor…
- **2013-03-28 — Sanction Lett…**: Sanction letter issued by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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