# In the matter of Suratgarh Bikaner Toll Road Company Limited

> NCLT judgment dated 2025-12-01. Citation: TCN-2025-NCLT-01815. 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-01815
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/suratgarh-bikaner-toll-road-company-limited-d4000818

## 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., citing default in repayment of loan.

## Facts

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.

…

## Issues and analysis

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

**Ratio:** Yes, there is the 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) of the IBC Code defines financial debt, and the sanctioned amount

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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 — Incorpor…**: M/S Suratgarh Bikaner Toll Road Company…
- **2013-03-28 — Sanction…**: State Bank of India issued 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)

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