# STATE BANK OF INDIA & ORS. vs. DOHA BANK Q.P.S.C. & ANR.

> SC judgment dated 2026-04-28. Citation: TCN-2026-SC-00052. The SBI Consortium (appellants) filed an appeal under Section 62 of the Insolvency and Bankruptcy…

- **Court:** SC
- **Order date:** 28 Apr 2026
- **Citation:** TCN-2026-SC-00052
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/state-bank-of-india-ors-vs-doha-bank-qpsc-anr-ocspp

## Summary

### Background

The SBI Consortium (appellants) filed an appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016, challenging an NCLAT order dated 14.10.2022, which upheld an NCLT order dated 02.03.2021. Both lower tribunals had rejected the consortium's claims based on corporate guarantees, denying them financial creditor status and directing the reconstitution of the Committee of Creditors. The core dispute revolved around the validity and enforceability of corporate guarantees issued by Reliance Infratel Limited (Corporate Debtor) to secure loans for its group entities, contested by Doha Bank Q.P.S.C. (respondent) on grounds including timing of execution, disclosure in financial statements, verification process, and stamping sufficiency.

## Facts

On 19.03.2010, a Facility Agreement was executed between Doha Bank (Respondent No. 1) and Reliance Infratel Limited (RITL), the Corporate Debtor (CD), for a foreign currency loan of USD 250 million.

On 04.03.2011, a Security Trustee Agreement was executed between the Consortium Lenders and Axis Trustee Services Ltd., appointing it as Security Trustee for loans to Reliance Communications Ltd. (RCOM) and Reliance Telecom Ltd. (RTL).

The appellants, as members of a consortium of Banks, extended rupee loan facilities of ₹6,015 crores to RCOM and ₹735 crores to RTL.

On 20.02.2015, a deed of hypothecation was executed by the CD in favour of the Security Trustee to secure the consortium lending.

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## Issues and analysis

### Issue 1: Whether the Corporate Guarantees executed by the Corporate Debtor constitute “financial debt" …

**Ratio:** A liability arising from a corporate guarantee squarely falls within the ambit of

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**Reasoning:** The essential elements of a financial debt are disbursal against consideration for time

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**Interpretation:** Section 5(8) of the Code broadly defines "financial debt" to

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**Application:** The corporate guarantees executed by Reliance Infratel Limited (CD) for its

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## Parties

- **Judges:** PAMIDIGHANTAM SRI…; ALOK AR…
- **Appellants:** State Bank of…; Bank of…; +4 more
- **Respondents:** Reliance Infratel…; Doha Bank Q…; +1 more

## Timeline

- **2010-03-19 — Facility Ag…**: A Facility Agreement was executed between Doha Bank and Reliance Infratel Limited (CD)…
- **2011-03-04 — Security Trustee…**: A Security Trustee Agreement was executed between Consortium Lenders and Axis Trustee…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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