(Under Section 9 of the Insolvency and Bankruptcy Code, 2016) Date of filing: 16.04.2026 Order delivered on: 25.05.2026 In the matter of Nest Realtors India Private Limited MEMO OF PARTIES:

KUNNEL ENGINEERS AND CONTRACTORS PRIVATE LIMITED Having Registered Office at 3rd Floor, Puthuran Plaza, KPCC Junction, M.G. Road, Ernakulam, Kerala 682011, India … Petitioner/ Operational Creditor Versus NEST REALTORS INDIA PRIVATE LIMITED Having Registered Office at XIX/346, Stone House, Market Road, Aluva, Ernakulam, Kerala, India, 683101 … Respondent/Corporate Debtor Coram:

HON’BLE MEMBER (JUDICIAL) : SHRI. VINAY GOEL Appearances:

For the Petitioner : Mr. Akhil Suresh, Advocate For the Respondent : Mr. Shankar P Panicker, Advocate

O R D E R

1. This petition has been filed by Kunnel Engineers and Contractors Private Limited (hereinafter referred as the ”Operational Creditor” or “Petitioner”) on 16.06.2025 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code” or “IBC”), for initiating the Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”), declaring moratorium and for appointment of Interim Resolution Professional (hereinafter referred to as “IRP”), against the Corporate Debtor M/s Nest Realties India Private Limited.

2. The total amount claimed to be in default as per Part-IV of the petition is Rs.8,84,30,997/-(Rupees Eight Crore Eighty Four Lakh Thirty Thousand Nine Hundred and Ninety Seven only) as of 31.01.2026

3. Brief facts of the case as stated in the petition are as follows: -

a) The Petitioner is a construction company engaged in infrastructure and residential projects for several decades. The Corporate Debtor had engaged the Petitioner for execution of civil construction works in its Orchid Park project at Kottayam under a Construction Contract dated 16.04.2010. Pursuant thereto, the Petitioner executed substantial works and raised running account bills, escalation claims and other contractual claims. Due to persistent non-payment by the Corporate Debtor, substantial dues accumulated between the parties.

b) Thereafter, under a Settlement Sheet dated 15.12.2015, the total value of work executed was quantified at Rs. 26,21,33,155/-, and after adjustments and deductions, the Corporate Debtor acknowledged a balance amount of Rs. 5,61,53,894/- payable to the Petitioner, which was further reaffirmed through an Agreement dated 21.01.2016. Out of the admitted dues, Rs. 1,21,23,662/- was adjusted towards two villas in another project, while the remaining liability was proposed to be settled through allotment of twelve apartments in the Orchid Park project valued at Rs. 3,99,45,250/- after the Corporate Debtor failed to discharge the dues in cash.

c) Pursuant to the settlement arrived at between the parties, allotment letters, agreements for sale of undivided share of land and construction agreements were executed in respect of twelve apartments in the Corporate Debtor’s project. Although the undivided share of land relating to six apartments was registered in favour of the Operational Creditor, the Corporate Debtor failed to complete the construction and hand over possession within the agreed period, resulting in failure of the settlement mechanism. After adjusting the value of the registered land and amounts already accounted for, a principal sum of Rs. 3,16,89,550/- remains due and payable. Along with contractual interest calculated at 10% per annum with monthly compounding amounting to Rs. 5,67,41,447/-, the total outstanding liability as on 31.01.2026 comes to Rs. 8,84,30,997/-.

d) The Petitioner stated that the Corporate Debtor has remained in continuous default since 30.06.2019, being the extended date fixed for completion and handover of the apartments. Subsequently, in a meeting held on 12.04.2022, the Corporate Debtor issued a written acknowledgment assuring completion by September 2023, thereby extending limitation under Section 18 of the Limitation Act, 1963. Owing to p