[Under Section 9 of the Insolvency and

Bankruptcy Code, 2016]

In the matter of

Fraser and Company Limited

(CIN: L51100MH1917PLC272418)

…Operational Creditor

V/s.

Shraddha Housing Projects LLP

(LLPIN: AAV-1098) …Corporate Debtor

Pronounced: 22.08.2025

CORAM:

SHRI ANIL RAJ CHELLAN SHRI K. R. SAJI KUMAR

HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

Appearances: Hybrid

For the Operational Creditor : Adv. Devul Dighe

For the Corporate Debtor : Sr. Adv. Gaurav Joshi a/w Adv. Piyush

Raheja, Adv. Samarth Patel and

Adv. Santosh Thakur

ORDER

Per: Anil Raj Chellan, Member (Technical)

1. This Company Petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 on 24.12.2023 by Fraser and Company Limited, (Operational Creditor/Applicant) through its director as authorised by the Board Resolution dated 14.11.2023. The Applicant seeks initiation of Corporate Insolvency Resolution Process (CIRP) in the case of Shraddha Housing Projects LLP (Corporate Debtor) for the principal debt of Rs.86,55,496/- and interest for Rs.25,93,685/- [Total alleged debt of Rs. 1,12,49,181 /- (One Crore Twelve Lakh Forty-Nine Thousand One Hundred and Eighty-One Rupees)] due and payable to the Operational Creditor. The dates of default, as mentioned in Part IV of the Application read with Annexure “C” range from 19.06.2022 to 29.08.2022, the dates on which debts under various invoices became due.

2. Submissions of Operational Creditor

2.1 The Operational Creditor is a company engaged in the business of trading and/or supply of various building materials and raw materials used for the purpose of construction of infrastructural projects. The Corporate Debtor is engaged in the business of undertaking and executing real estate projects, particularly residential and commercial projects.

2.2 The Corporate Debtor placed orders from time to time with the Operational Creditor for the supply of AAC Blocks, Joint Mortar, Cement, TMT Bars, Binding Wires, and other materials (‘goods’) for the construction of buildings and/or infrastructure as per its requirement. As against the sale and supply of goods, the Operational Creditor raised various invoices against the Corporate Debtor from time to time, out of which the following invoices remain outstanding:

2.3 The invoices specifically provide that goods once sold will not be taken back and are not refundable. The invoices became due and payable after expiry of the credit period as stipulated under each invoice, which was typically a period of 60 days. If the payment is not made within the due date, the Operational Creditor shall be entitled to charge interest at the rate of 24% per annum on the outstanding amount due under the invoice.

2.4 It is stated that the total debt due is Rs. 1,12,49,181/- (One Crore Twelve Lakhs Forty-Nine Thousand One Hundred and Eighty-One Rupees) which comprises of (a) principal amount of Rs. 86,55,496/- (Eighty-Six Lakhs Fifty-Five Thousand Four Hundred and Ninety-Six Rupees) as on 30.09.2023; Interest Amount of Rs. 25,93,685/- (Twenty-Five Lakh Ninety-Three Thousand Six Hundred and Eighty-Five Rupees). The Operational Creditor further states that further interest at 24% is chargeable from 01.10.2023.

2.5 The Operational Creditor submits that the Corporate Debtor acknowledged its liability for the principal debt amount of Rs. 86,55,496/- by issuing a balance confirmation letter dated 10.08.2023.

2.6 In view of the defaults in making the payments, the Operational Creditor issued and duly served a Demand Notice in the prescribed Form-3 dated 16.10.2023 under Section 8 of the Code for an amount of Rs. 1,12,49,181/-. Despite the receipt of Demand Notice, the Corporate Debtor has failed to make payment of its outstanding debt owed to the Operational Creditor. Hence, the present Application.

2.7 In support of the Application, the Operational Credited has submitted (a)

copies of Invoices raised by the O