# In the matter of THEME DEVELOPERS PRIVATE LIMITED

> NCLT judgment dated 2025-08-08. Citation: TCN-2025-NCLT-01182. Indiacrete Ready Mix Private Limited filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 8 Aug 2025
- **Citation:** TCN-2025-NCLT-01182
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/theme-developers-private-limited-d3a84eb4

## Summary

### Background

Indiacrete Ready Mix Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Theme Developers Private Limited, seeking the commencement of CIRP, appointment of IRP, and declaration of moratorium.

## Facts

Indiacrete Ready Mix Private Limited (Operational Creditor) filed an application under Section 9 of the IBC against Theme Developers Private Limited (Corporate Debtor).

The total debt claimed in the application is Rs. 2,03,17,263.28, comprising a principal amount of Rs. 1,44,30,033 and interest of Rs. 58,87,230.28.

The Operational Creditor is engaged in the business of producing Ready-Mix Concrete, while the Corporate Debtor is engaged in the business of construction.

The Corporate Debtor issued several purchase orders to the Operational Creditor for the supply of Ready-Mix Concrete.

The Operational Creditor raised invoices for a total value of Rs. 6,32,08,162 between March 2022 and November 2022.

…

## Issues and analysis

### Issue 1: Whether there exists a debt and default exceeding the threshold limit as prescribed under Section 4 …

**Ratio:** Section 4 of the IBC, 2016, prescribes a

…

**Reasoning:** The Adjudicating Authority found that the Operational Creditor had established that the

…

**Interpretation:** The threshold limit under Section

…

**Application:** The Adjudicating Authority held that the application filed by the Operational

…

## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Indiacrete Ready…
- **Respondents:** Theme Developers…
- **Other parties:** Debi Prasanna…
- **Advocates:** Mily Gh…; Nausher…; +5 more

## Timeline

- **2022-03/2022-11 — Supply of Ready-Mix…**: Operational Creditor supplied…
- **2024-05-28 — Demand N…**: Operational Creditor issued…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/theme-developers-private-limited-d3a84eb4