JUDGEMENT

(03.07.2025)

NARESH SALECHA, MEMBER (TECHNICAL)

1. The present This present Appeal has been filed by the Appellant under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 (“Code”) against the Impugned Order dated 22.12.2023 passed by the National Company Law Tribunal, Mumbai Bench (“Adjudicating Authority”) in C.P. (I.B) No. 534/MB/2023.

2. Ridham Synthetics Private Limited, who is the Corporate Debtor, is the Respondent herein.

3. The Appellant/Operational Creditor submitted that a Petition under Section 9 of the Code, was filed for initiation of the Corporate Insolvency Resolution Process (“CIRP”) against the Respondent, on account of the Respondent’s failure to pay the outstanding operational debt amounting to Rs. 1,36,06,646.70.

4. The Appellant submitted that he operates under the Proprietorship Firm “Riddhim Textiles” and is engaged in the trade and supply of diverse textile goods, constituting the core of its commercial operations and the Respondent has been engaged in the business of trading in textiles, including cotton fabric dyeing, polyester fabric dyeing services, and viscose fabric dyeing services.

5. The Appellant submitted that the Respondent had approach