Archive · 21 Aug 2025
NCLAT Clears Neptune Developers Plan, Rejects Central Bank Appeal
A bank tried to stop a plan to help a real estate company called Neptune Developers, but a court said no.
Neptune Developers was in trouble, and a company called Shree Naman Developers made a plan to help.
The bank, which was owed money by Neptune, didn't like the plan.
But the court said that since most creditors agreed to the plan, the bank had to accept it.
This means that people who were waiting for their apartments from Neptune Developers can now hopefully get them.
The bank will get some money back, but not as much as it wanted.
NCLAT rejected Central Bank of India's appeal regarding a resolution plan for Neptune Developers.
The ruling clears a ₹390 crore resolution plan submitted by Shree Naman Developers.
The plan was approved by the Committee of Creditors (CoC) with 85.35% approval.
The Central Bank of India, a dissenting creditor, had challenged the plan.
The decision brings relief to over 2,000 homebuyers awaiting flat possessions.
- Who
- NCLAT, Central Bank of India, Shree Naman Developers, and Neptune Developers are the key parties.
- What
- NCLAT rejected Central Bank of India's appeal and cleared a resolution plan for Neptune Developers.
- When
- The NCLAT ruling was made after the Central Bank of India challenged a March order.
- Where
- The case involves Neptune Developers' project in Kalyan, Mumbai.
- Why
- The ruling allows the resolution plan to proceed, resolving issues for homebuyers and creditors.
Central Bank of India's Perspective
CoC and Homebuyers' Perspective
Valuation Disagreement
Central Bank of India's Perspective
The Central Bank of India argued that critical assets were excluded from valuation, and that the approval process was faulty, requesting a fresh valuation.
CoC and Homebuyers' Perspective
The CoC determined that the plan be approved despite the bank's dissent.
- Company in Bankruptcy
- Neptune Developers
- Resolution Plan Amount
- ₹390 crore
- Approving Body
- NCLAT
- Appellant
- Central Bank of India
- Approval Percentage
- 85.35%
- Homebuyers Affected
- 2,000+
- Project Location
- Kalyan, Mumbai