Electronic Corporation of Tamil Nadu Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy Board of India (Petition to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Marg Ltd.
Electronic Corporation of Tamil Nadu Ltd. (ECTN) floated a tender on 27.02.2009 to construct an IT building complex at Hosur.
Marg Ltd. participated in the tendering process and was selected as the successful tenderer.
A Letter of Acceptance was issued on 12.08.2010 for a revised price bid of Rs. 13,75,00,000.30/-.
A contract was entered into between ECTN and Marg Ltd. on 03.11.2010, with a completion timeline of ten months.
A supplemental agreement on 20.12.2012 enhanced the original price to Rs. 14,58,99,710/-.
Marg Ltd. failed to complete the work despite extensions, leading ECTN to terminate the contract on 20.11.2015.
ECTN invited a fresh tender and selected PSK Engineering Construction Co.
…Sign in to view the parties.
Electronic Corporation of Tamil Nadu Ltd.…
Letter of Acceptance…
Electronic Corporation of Tamil Nadu Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy Board of India (Petition to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Marg Ltd.
Electronic Corporation of Tamil Nadu Ltd. (ECTN) floated a tender on 27.02.2009 to construct an IT building complex at Hosur.
Marg Ltd. participated in the tendering process and was selected as the successful tenderer.
A Letter of Acceptance was issued on 12.08.2010 for a revised price bid of Rs. 13,75,00,000.30/-.
A contract was entered into between ECTN and Marg Ltd. on 03.11.2010, with a completion timeline of ten months.
A supplemental agreement on 20.12.2012 enhanced the original price to Rs. 14,58,99,710/-.
Marg Ltd. failed to complete the work despite extensions, leading ECTN to terminate the contract on 20.11.2015.
ECTN invited a fresh tender and selected PSK Engineering Construction Co.
…Electronic Corporation of Tamil Nadu Ltd.…
Letter of Acceptance…