Preheat the oven to 160°C/325°F. Grease a 10-inch bundt pan generously with cooking spray and set aside.
Cream the butter and sugar at high speed in a stand mixture until fluffy and starts looking white, about 3 minutes. Add the condensed milk and beat for another minute.
Stir in the eggs, one at a time, beating the mixture well between each addition. Sift the flour and baking powder into the batter, and then add the zest, lime juice, nutmeg, and vanilla extract.
Stir until everything is thoroughly combined, scraping down the sides of the mixing bowl as you mix.
Pour the batter into the greased cake pan. Tap it on your work surface to eliminate air bubbles.
Bake at 325℉ (160℃) until a tester inserted into the center comes out clean (45–50 minutes). Then, transfer it to a wire rack to cool.
Sprinkle the cake with powdered sugar and serve it with whipped cream and strawberries.
Notes
Measure your flour the right way. Gently spoon the flour into your measuring cup and level it off with a straight edge instead of scooping it directly from the bag. That prevents over-packing, which leads to too much flour and a dry cake. Another way to measure is with a kitchen scale.
Cream butter and sugar well until fluffy. This step is crucial for incorporating air for a good rise and tender crumb.
Please don't overmix the batter. After adding the flour, mix just until combined because overmixing can cause the cake to be dense and tough.
Please remember that the nutritional information is a rough estimate and can vary significantly based on the products used in the recipe.