CHENNAI: The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by Central Bank of India against the resolution plan for bankrupt real estate firm Neptune Developers Pvt. Ltd. The tribunal ruled that as a dissenting financial creditor, the bank cannot block a plan that has already been approved by the Committee of Creditors (CoC) using its “commercial wisdom.”
The order is a major relief for over 2,000 homebuyers who have been waiting for more than a decade for possession of flats in Neptune’s stalled projects, including its township in Kalyan near Mumbai.
A two-member NCLAT bench, headed by Justice Ashok Bhushan, upheld the earlier order of the National Company Law Tribunal (NCLT) that had cleared a Rs 390-crore resolution plan submitted by Shree Naman Developers Pvt. Ltd. The plan was endorsed by 85.35% of the CoC in March 2023 and formally approved by the NCLT on March 25, 2025.
The appellate tribunal said there was “no ground” to interfere with the NCLT’s approval. It also made clear that dissenting creditors are only entitled to payments as defined under Section 30(2)(b) of the Insolvency and Bankruptcy Code (IBC), and cannot challenge valuations or distribution once the CoC has made its decision.
