# In the matter of SU TOLL ROAD PRIVATE LIMITED

> NCLT judgment dated 2025-08-18. Citation: TCN-2025-NCLT-01218. State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 18 Aug 2025
- **Citation:** TCN-2025-NCLT-01218
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/su-toll-road-private-limited-62bf95eb

## Summary

### Background

State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SU Toll Road Private Limited, seeking commencement of Corporate Insolvency Resolution Process (CIRP). The application was based on a default of INR 358,69,53,434.17/-.

## Facts

State Bank of India (SBI) filed an application under Section 7 of the IBC against SU Toll Road Private Limited.

The claimed default amount is INR 358,69,53,434.17/-.

The Corporate Debtor is engaged in the business of implementation, operation, and maintenance of road projects.

The Corporate Debtor was awarded a project on a Build, Operate and Transfer (BOT) basis on National Highway No. 68 in Tamil Nadu.

The original lenders, L&T Infrastructure Finance Company Limited (LTIFL) and L&T Fincorp Limited (LTFL), sanctioned a total loan amount of INR 588 crores to the Corporate Debtor.

The original lenders novated part of the facilities amounting to INR 475 crores to various banks, including SBI.

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## Issues and analysis

### Issue 1: Whether the existence of an Inter-Creditor Agreement and a proposed moratorium bars the initiation …

**Ratio:** The existence of an Inter-Creditor Agreement and a proposed moratorium does not bar the

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**Reasoning:** The Adjudicating Authority noted that the Corporate Debtor had not rebutted the fact that

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**Interpretation:** A contractual clause cannot prevent a creditor from filing a petition under the

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**Application:** The Adjudicating Authority rejected the Corporate Debtor's contention that the

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** State Bank of…
- **Respondents:** S U TOLL ROAD…
- **Other parties:** Sanjay Kumar…; L&T Infrastructure…; +1 more
- **Advocates:** Algaus…; Murtaza Kac…; +3 more

## Timeline

- **2024-12-23 — Application…**: State Bank of India filed an application under Section 7 of the IBC against SU Toll Road…
- **2024-03-21 — Demand N…**: SBI issued a Demand Notice dated 21.03.2024…

## 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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