# In the matter of RAMALINGAM CONSTRUCTION COMPANY PRIVATE LIMITED

> NCLT judgment dated 2025-10-30. Citation: TCN-2025-NCLT-01579. SBI Capital Markets Ltd filed a petition under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Oct 2025
- **Citation:** TCN-2025-NCLT-01579
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ramalingam-construction-company-private-limited-3697e7d5

## Summary

### Background

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.

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether the invoice raised by the petitioner is legally tenable and whether dispute raised by …

**Ratio:** The Adjudicating Authority relied on Section 5(6) of IBC, which defines 'dispute', and

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**Reasoning:** The Adjudicating Authority observed that the invoice was raised based on the addendum

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**Interpretation:** The Adjudicating Authority interpreted the terms of the offer letter and its

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**Application:** The Adjudicating Authority applied the principles laid down in Mobilox

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** SBI Capital…
- **Respondents:** Ramalingam…; Ramalingam…
- **Other parties:** Radhakrishnan…
- **Advocates:** AR. Raman…; Susmi…; +5 more

## Timeline

- **2022-08-01 — Offer Lette…**: Offer Letter of OC to CD for…
- **2022-09-19 — Offer Letter A…**: Offer Letter accepted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(6) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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