State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (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 (now SBI) and other banks under a consortium arrangement.

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

The Corporate Debtor created security interest by way of creation of first charge on all the movable and immovable assets.

State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (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 (now SBI) and other banks under a consortium arrangement.

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

The Corporate Debtor created security interest by way of creation of first charge on all the movable and immovable assets.