Nilesh Rathi (Proprietor of Venkateshwara Steels) filed a petition under Section 9 of the IBC to initiate CIRP against R Nutan Builders Private Limited.

The alleged default amount was Rs. 1,10,99,035/-, including a principal amount of Rs. 87,34,615/- and interest of Rs. 23,64,420/-.

The Operational Creditor claimed to have supplied TMT bars to the Corporate Debtor based on WhatsApp communications with Mr. Ritesh Seth, Director of the Corporate Debtor.

The invoices raised by the Operational Creditor included a clause stating that interest at 24% per annum would be charged if the dues were not paid within 30 days.

The Corporate Debtor argued that there was no agreement or contract containing any clause for payment of interest and that the interest was unilaterally imposed.

Nilesh Rathi (Proprietor of Venkateshwara Steels) filed a petition under Section 9 of the IBC to initiate CIRP against R Nutan Builders Private Limited.

The alleged default amount was Rs. 1,10,99,035/-, including a principal amount of Rs. 87,34,615/- and interest of Rs. 23,64,420/-.

The Operational Creditor claimed to have supplied TMT bars to the Corporate Debtor based on WhatsApp communications with Mr. Ritesh Seth, Director of the Corporate Debtor.

The invoices raised by the Operational Creditor included a clause stating that interest at 24% per annum would be charged if the dues were not paid within 30 days.

The Corporate Debtor argued that there was no agreement or contract containing any clause for payment of interest and that the interest was unilaterally imposed.