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S.No.1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON
20.01.2026 AT 10:30 A.M.
Company Petition IB/152/7/HDB/2023 U/s 7 of IBC IN THE MATTER OF:
State Bank of India …Petitioner AND Madhucon Infra Ltd …Respondent C O R A M:-
SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)
SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)
O R D E R Orders pronounced, recorded vide separate sheets. In the result, Company Petition IB/152/7/HDB/2023 is, therefore, disposed of, with liberty reserved in favour of the Financial Creditor to institute appropriate proceedings under Section 7 of the IBC against the Corporate Debtor/Corporate Guarantor only upon failure of the Principal Borrower to realise the arbitral award, or in the event of any material change in circumstances impairing its ability to discharge the debt in default.
Sd/- Sd/-
MEMBER (T) MEMBER (J)
Vamsi u/s 7 of the IBC, 2016 In the matter of M/s Madhucon Infra Limited BETWEEN:
State Bank of India SAM Branch- II, D. No. 3-4-1013/A, 1st Floor, Commuter Amenity Centre (CAC)
TSRTC Bus Station, Kachiguda, Hyderabad- 500 027 …Petitioner/Financial Creditor AND M/s Madhucon Infra Limited Reg.Office at:
Madhucon House, Plot No.11219/A, Road No.36, Hitech City Road, Jubilee Hills, Hyderabad 500033, Telangana, India …Respondent/Corporate Debtor Date of Order: 20.01.2026 Coram:
Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)
Shri Sanjay Puri, Hon’ble Member (Technical)
Counsel present:
For the Financial Creditor: Ms. Niharika Agarwal and Mr. Ravi Charan For the Corporate Debtor: Ms. KVS Madhumita and Mr. Rajashekar Rao Salvaji [PER: BENCH]
S.No.1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON
20.01.2026 AT 10:30 A.M.
Company Petition IB/152/7/HDB/2023 U/s 7 of IBC IN THE MATTER OF:
State Bank of India …Petitioner AND Madhucon Infra Ltd …Respondent C O R A M:-
SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)
SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)
O R D E R
Orders pronounced, recorded vide separate sheets. In the result, Company Petition IB/152/7/HDB/2023 is, therefore, disposed of, with liberty reserved in favour of the Financial Creditor to institute appropriate proceedings under Section 7 of the IBC against the Corporate Debtor/Corporate Guarantor only upon failure of the Principal Borrower to realise the arbitral award, or in the event of any material change in circumstances impairing its ability to discharge the debt in default.
Sd/- Sd/-
MEMBER (T) MEMBER (J)
Vamsi u/s 7 of the IBC, 2016 In the matter of M/s Madhucon Infra Limited BETWEEN:
State Bank of India SAM Branch- II, D. No. 3-4-1013/A, 1st Floor, Commuter Amenity Centre (CAC)
TSRTC Bus Station, Kachiguda, Hyderabad- 500 027 …Petitioner/Financial Creditor AND M/s Madhucon Infra Limited Reg.Office at:
Madhucon House, Plot No.11219/A, Road No.36, Hitech City Road, Jubilee Hills, Hyderabad 500033, Telangana, India …Respondent/Corporate Debtor Date of Order: 20.01.2026 Coram:
Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)
Shri Sanjay Puri, Hon’ble Member (Technical)
Counsel present:
For the Financial Creditor: Ms. Niharika Agarwal and Mr. Ravi Charan For the Corporate Debtor: Ms. KVS Madhumita and Mr. Rajashekar Rao Salvaji [PER: BENCH]
S.No.1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON
20.01.2026 AT 10:30 A.M.
Company Petition IB/152/7/HDB/2023 U/s 7 of IBC IN THE MATTER OF:
State Bank of India …Petitioner AND Madhucon Infra Ltd …Respondent C O R A M:-
SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)
SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)
O R D E R Orders pronounced, recorded vide separate sheets. In the result, Company Petition IB/152/7/HDB/2023 is, therefore, disposed of, with liberty reserved in favour of the Financial Creditor to institute appropriate proceedings under Section 7 of the IBC against the Corporate Debtor/Corporate Guarantor only upon failure of the Principal Borrower to realise the arbitral award, or in the event of any material change in circumstances impairing its ability to discharge the debt in default.
Sd/- Sd/-
MEMBER (T) MEMBER (J)
Vamsi u/s 7 of the IBC, 2016 In the matter of M/s Madhucon Infra Limited BETWEEN:
State Bank of India SAM Branch- II, D. No. 3-4-1013/A, 1st Floor, Commuter Amenity Centre (CAC)
TSRTC Bus Station, Kachiguda, Hyderabad- 500 027 …Petitioner/Financial Creditor AND M/s Madhucon Infra Limited Reg.Office at:
Madhucon House, Plot No.11219/A, Road No.36, Hitech City Road, Jubilee Hills, Hyderabad 500033, Telangana, India …Respondent/Corporate Debtor Date of Order: 20.01.2026 Coram:
Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)
Shri Sanjay Puri, Hon’ble Member (Technical)
Counsel present:
For the Financial Creditor: Ms. Niharika Agarwal and Mr. Ravi Charan For the Corporate Debtor: Ms. KVS Madhumita and Mr. Rajashekar Rao Salvaji [PER: BENCH]
S.No.1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON
20.01.2026 AT 10:30 A.M.
Company Petition IB/152/7/HDB/2023 U/s 7 of IBC IN THE MATTER OF:
State Bank of India …Petitioner AND Madhucon Infra Ltd …Respondent C O R A M:-
SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)
SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)
O R D E R Orders pronounced, recorded vide separate sheets. In the result, Company Petition IB/152/7/HDB/2023 is, therefore, disposed of, with liberty reserved in favour of the Financial Creditor to institute appropriate proceedings under Section 7 of the IBC against the Corporate Debtor/Corporate Guarantor only upon failure of the Principal Borrower to realise the arbitral award, or in the event of any material change in circumstances impairing its ability to discharge the debt in default.
Sd/- Sd/-
MEMBER (T) MEMBER (J)
Vamsi u/s 7 of the IBC, 2016 In the matter of M/s Madhucon Infra Limited BETWEEN:
State Bank of India SAM Branch- II, D. No. 3-4-1013/A, 1st Floor, Commuter Amenity Centre (CAC)
TSRTC Bus Station, Kachiguda, Hyderabad- 500 027 …Petitioner/Financial Creditor AND M/s Madhucon Infra Limited Reg.Office at:
Madhucon House, Plot No.11219/A, Road No.36, Hitech City Road, Jubilee Hills, Hyderabad 500033, Telangana, India …Respondent/Corporate Debtor Date of Order: 20.01.2026 Coram:
Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)
Shri Sanjay Puri, Hon’ble Member (Technical)
Counsel present:
For the Financial Creditor: Ms. Niharika Agarwal and Mr. Ravi Charan For the Corporate Debtor: Ms. KVS Madhumita and Mr. Rajashekar Rao Salvaji [PER: BENCH]
S.No.1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON
20.01.2026 AT 10:30 A.M.
Company Petition IB/152/7/HDB/2023 U/s 7 of IBC IN THE MATTER OF:
State Bank of India …Petitioner AND Madhucon Infra Ltd …Respondent C O R A M:-
SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)
SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)
O R D E R Orders pronounced, recorded vide separate sheets. In the result, Company Petition IB/152/7/HDB/2023 is, therefore, disposed of, with liberty reserved in favour of the Financial Creditor to institute appropriate proceedings under Section 7 of the IBC against the Corporate Debtor/Corporate Guarantor only upon failure of the Principal Borrower to realise the arbitral award, or in the event of any material change in circumstances impairing its ability to discharge the debt in default.
Sd/- Sd/-
MEMBER (T) MEMBER (J)
Vamsi u/s 7 of the IBC, 2016 In the matter of M/s Madhucon Infra Limited BETWEEN:
State Bank of India SAM Branch- II, D. No. 3-4-1013/A, 1st Floor, Commuter Amenity Centre (CAC)
TSRTC Bus Station, Kachiguda, Hyderabad- 500 027 …Petitioner/Financial Creditor AND M/s Madhucon Infra Limited Reg.Office at:
Madhucon House, Plot No.11219/A, Road No.36, Hitech City Road, Jubilee Hills, Hyderabad 500033, Telangana, India …Respondent/Corporate Debtor Date of Order: 20.01.2026 Coram:
Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)
Shri Sanjay Puri, Hon’ble Member (Technical)
Counsel present:
For the Financial Creditor: Ms. Niharika Agarwal and Mr. Ravi Charan For the Corporate Debtor: Ms. KVS Madhumita and Mr. Rajashekar Rao Salvaji [PER: BENCH]
S.No.1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON
20.01.2026 AT 10:30 A.M.
Company Petition IB/152/7/HDB/2023 U/s 7 of IBC IN THE MATTER OF:
State Bank of India …Petitioner AND Madhucon Infra Ltd …Respondent C O R A M:-
SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)
SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)
O R D E R Orders pronounced, recorded vide separate sheets. In the result, Company Petition IB/152/7/HDB/2023 is, therefore, disposed of, with liberty reserved in favour of the Financial Creditor to institute appropriate proceedings under Section 7 of the IBC against the Corporate Debtor/Corporate Guarantor only upon failure of the Principal Borrower to realise the arbitral award, or in the event of any material change in circumstances impairing its ability to discharge the debt in default.
Sd/- Sd/-
MEMBER (T) MEMBER (J)
Vamsi u/s 7 of the IBC, 2016 In the matter of M/s Madhucon Infra Limited BETWEEN:
State Bank of India SAM Branch- II, D. No. 3-4-1013/A, 1st Floor, Commuter Amenity Centre (CAC)
TSRTC Bus Station, Kachiguda, Hyderabad- 500 027 …Petitioner/Financial Creditor AND M/s Madhucon Infra Limited Reg.Office at:
Madhucon House, Plot No.11219/A, Road No.36, Hitech City Road, Jubilee Hills, Hyderabad 500033, Telangana, India …Respondent/Corporate Debtor Date of Order: 20.01.2026 Coram:
Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)
Shri Sanjay Puri, Hon’ble Member (Technical)
Counsel present:
For the Financial Creditor: Ms. Niharika Agarwal and Mr. Ravi Charan For the Corporate Debtor: Ms. KVS Madhumita and Mr. Rajashekar Rao Salvaji [PER: BENCH]
S.No.1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON
20.01.2026 AT 10:30 A.M.
Company Petition IB/152/7/HDB/2023 U/s 7 of IBC IN THE MATTER OF:
State Bank of India …Petitioner AND Madhucon Infra Ltd …Respondent C O R A M:-
SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)
SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)
O R D E R Orders pronounced, recorded vide separate sheets. In the result, Company Petition IB/152/7/HDB/2023 is, therefore, disposed of, with liberty reserved in favour of the Financial Creditor to institute appropriate proceedings under Section 7 of the IBC against the Corporate Debtor/Corporate Guarantor only upon failure of the Principal Borrower to realise the arbitral award, or in the event of any material change in circumstances impairing its ability to discharge the debt in default.
Sd/- Sd/-
MEMBER (T) MEMBER (J)
Vamsi u/s 7 of the IBC, 2016 In the matter of M/s Madhucon Infra Limited BETWEEN:
State Bank of India SAM Branch- II, D. No. 3-4-1013/A, 1st Floor, Commuter Amenity Centre (CAC)
TSRTC Bus Station, Kachiguda, Hyderabad- 500 027 …Petitioner/Financial Creditor AND M/s Madhucon Infra Limited Reg.Office at:
Madhucon House, Plot No.11219/A, Road No.36, Hitech City Road, Jubilee Hills, Hyderabad 500033, Telangana, India …Respondent/Corporate Debtor Date of Order: 20.01.2026 Coram:
Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)
Shri Sanjay Puri, Hon’ble Member (Technical)
Counsel present:
For the Financial Creditor: Ms. Niharika Agarwal and Mr. Ravi Charan For the Corporate Debtor: Ms. KVS Madhumita and Mr. Rajashekar Rao Salvaji [PER: BENCH]
S.No.1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON
20.01.2026 AT 10:30 A.M.
Company Petition IB/152/7/HDB/2023 U/s 7 of IBC IN THE MATTER OF:
State Bank of India …Petitioner AND Madhucon Infra Ltd …Respondent C O R A M:-
SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)
SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)
O R D E R Orders pronounced, recorded vide separate sheets. In the result, Company Petition IB/152/7/HDB/2023 is, therefore, disposed of, with liberty reserved in favour of the Financial Creditor to institute appropriate proceedings under Section 7 of the IBC against the Corporate Debtor/Corporate Guarantor only upon failure of the Principal Borrower to realise the arbitral award, or in the event of any material change in circumstances impairing its ability to discharge the debt in default.
Sd/- Sd/-
MEMBER (T) MEMBER (J)
Vamsi u/s 7 of the IBC, 2016 In the matter of M/s Madhucon Infra Limited BETWEEN:
State Bank of India SAM Branch- II, D. No. 3-4-1013/A, 1st Floor, Commuter Amenity Centre (CAC)
TSRTC Bus Station, Kachiguda, Hyderabad- 500 027 …Petitioner/Financial Creditor AND M/s Madhucon Infra Limited Reg.Office at:
Madhucon House, Plot No.11219/A, Road No.36, Hitech City Road, Jubilee Hills, Hyderabad 500033, Telangana, India …Respondent/Corporate Debtor Date of Order: 20.01.2026 Coram:
Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)
Shri Sanjay Puri, Hon’ble Member (Technical)
Counsel present:
For the Financial Creditor: Ms. Niharika Agarwal and Mr. Ravi Charan For the Corporate Debtor: Ms. KVS Madhumita and Mr. Rajashekar Rao Salvaji [PER: BENCH]
ORDER
1. The Financial Creditor1, i.e., State Bank of India has filed the instant Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 20162, seeking initiation of Corporate Insolvency Resolution Process3 against the Respondent / M/s. Madhucon Infra Limited4, on account of its alleged default in repayment of financial debt amounting to Rs. 138,27,79,560.97 as on 31.03.2023, with the date of default reckoned as 31.12.2018.
Application
2. It is averred that M/s TN (DK) Expressways Ltd.5, was incorporated on
31.01.2006, as a Special Purpose Vehicle6 for the implementation of a highway project on NH-7 in the State of Tamil Nadu. Accordingly, to avail financial assistance for the said project the principal borrower has approached the Petitioner herein.
3. Further the applicant submitted that the project was awarded by the National Highways Authority of India under a Concession Agreement dated 20.04.2006 on a Build, Operate and Transfer basis, with a concession period of 20 years, including a construction period of 30 months.
4. It is also stated by the Petitioner that the Principal Borrower had subsequently approached a consortium of lenders comprising the State Bank of India, the State Bank of Hyderabad, the State Bank of Mysore, the State Bank of Saurashtra, the Bank of Maharashtra, Vijaya Bank, 1 Hereinafter referred to as Petitioner/FC
2 Hereinafter referred to as IBC
3 Hereinafter referred to as CIRP
4 Hereinafter referred to as Corporate Debtor/Corporate Guarantor/CD
Hereinafter referred to as the Borrower Company/Principal Borrower/Borrower
Hereinafter refereed as SPV
2 | Page
and Andhra Bank, to avail financial assistance required to part finance the project cost. Upon such an approach, the consortium of lenders had agreed to extend a Rupee Term Loan of up to Rs. 224 crores. Pursuant thereto, a Common Loan Agreement7 dated 11.10.2006 was executed between the Borrower and the lenders. Accordingly, the lenders including the Petitioner had disbursed an aggregate amount of Rs. 170 crores out of the sanctioned amount of Rs. 224 crores.
5. It is stated that as per the terms of the Common Loan Agreement, the Borrower was obligated to repay the loan in 38 quarterly installments, commencing from 30.09.2009 and ending on 31.03.2019. However, it was contended that due to adverse financial and operational factors affecting the project, the Borrower exp
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