ORDER

[PER: BENCH]

1. BACKGROUND

1.1 This Company Petition No. C.P. (IB) 710/MB/2025 (Application) was filed on 12.07.2025 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (‘AA Rules’) by Nilesh Rathi Proprietor of Venkateshwara Steels, the Operational Creditor (OC), for initiating Corporate Insolvency Resolution Process (CIRP) of R Nutan Builders Private Limited, the Corporate Debtor (CD).

1.2 The total amount of default alleged is Rs. 1,10,99,035/- (Rupees One Crore Ten Lakhs Ninety-Nine Thousand and Thirty-Five only) along with interest @ 24% p.a. till the date of payment/realization.

1.3 As stated in Part IV of the application, the date of default is stated as 06.01.2024.

2. CASE OF THE OC:

2.1 The Operational Creditor is a registered as an MSME having Udyog Regn. No. UDYAM-MH-19-009090630 and the Corporate Debtor is a Private Limited Company incorporated on 05.10.2020.

2.2 It is submitted that the project was commenced by the Corporate Debtor in April 2023, in respect of which th