# In the matter of R Nutan Builders Private Limited

> NCLT judgment dated 2026-01-12. Citation: TCN-2026-NCLT-00077. The case involves a petition filed by Nilesh Rathi (Operational Creditor) under Section 9 of…

- **Court:** NCLT
- **Order date:** 12 Jan 2026
- **Citation:** TCN-2026-NCLT-00077
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/r-nutan-builders-private-limited-e080ca4e

## Summary

### Background

The case involves a petition filed by Nilesh Rathi (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against R Nutan Builders Private Limited (Corporate Debtor) for a default amount of Rs. 1,10,99,035/-.

## Facts

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.

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## Issues and analysis

### Issue 1: Whether the Operational Creditor's claim meets the minimum threshold of Rs. 1 crore as prescribed …

**Ratio:** The principal amount of the debt must meet the threshold of Rs. 1 crore for the

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**Reasoning:** Section 4 of the IBC prescribes a minimum threshold of Rs. 1 crore for initiating CIRP.

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**Interpretation:** The threshold requirement under Section 4 is mandatory and must be satisfied

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**Application:** In this case, the principal amount of the debt was Rs. 87,34,615/-, which is

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Nilesh…
- **Respondents:** R Nutan Builders…
- **Other parties:** Ritesh…; Nilesh Rathi…
- **Advocates:** Manoj M…; Ameya W…; +1 more

## Timeline

- **12.07.2025 — Filing of Company…**: Company Petition No. C.P. (IB) 710/MB/2025 was filed under Section 9 of the Insolvency…
- **06.01.2024 — Date of D…**: The date of default is…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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