Issue with .pbip format

Hi ChiragGarg2512 - Open Power BI Desktop and try to save the pbip file again. This may regenerate the model.bim file if the issue was caused by an incomplete save.
Check for Auto-Recovery:

Power BI Desktop may have auto-recovered an earlier version of the file. Check if there's an auto-recovery file available under File > Options and Settings > Options > Global > Auto Recovery.

Recreate the Data Model:

If you're unable to recover the model.bim file, one option would be to recreate the data model by importing the tables, queries, and relationships from the report. If you still have access to the data sources, this could be a feasible solution.

If you have a backup version of the pbip file or if you're using a version control system, try reverting to an earlier version where the model.bim file was still present.If none of these solutions work, you may need to contact Microsoft support for a deeper investigation into the file corruption

Thank you for the response. But the model.bim file is required to start the work in the first place.

Luckily, there is an option that restricts the creation of model.bim.
Go to File > Options and Settings > Options > Global > Preview features .

Uncheck the arrowed sections under the PowerBI Project(.pbip) save option