SBI Capital Markets Ltd filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ramalingam Construction Company Pvt. Ltd. for initiating Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt.
SBI Capital Markets Ltd. (Operational Creditor) provided M&A consultancy services to Ramalingam Construction Company Pvt. Ltd. (Corporate Debtor).
An offer letter dated 01.08.2022 was accepted by the Corporate Debtor on 19.09.2022.
An addendum to the offer letter was signed on 24.03.2023.
A tax invoice for Rs. 3,39,84,000/- was raised by the Operational Creditor on 28.03.2023.
The proposed transaction with Cube Highways & Infrastructure V Pte Ltd. failed on 14.06.2023 due to valuation differences.
The Corporate Debtor sent an email on 19.09.2023 requesting cancellation of the invoice.
The Operational Creditor sent a legal notice on 14.02.2024.
The Operational Creditor issued Form 3 Notice on 28.05.2024 under the IBC.
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Offer Letter of OC to…
Offer Letter a…
SBI Capital Markets Ltd filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ramalingam Construction Company Pvt. Ltd. for initiating Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt.
SBI Capital Markets Ltd. (Operational Creditor) provided M&A consultancy services to Ramalingam Construction Company Pvt. Ltd. (Corporate Debtor).
An offer letter dated 01.08.2022 was accepted by the Corporate Debtor on 19.09.2022.
An addendum to the offer letter was signed on 24.03.2023.
A tax invoice for Rs. 3,39,84,000/- was raised by the Operational Creditor on 28.03.2023.
The proposed transaction with Cube Highways & Infrastructure V Pte Ltd. failed on 14.06.2023 due to valuation differences.
The Corporate Debtor sent an email on 19.09.2023 requesting cancellation of the invoice.
The Operational Creditor sent a legal notice on 14.02.2024.
The Operational Creditor issued Form 3 Notice on 28.05.2024 under the IBC.
…Offer Letter of OC to…
Offer Letter a…