NCLT admits insolvency plea against Neptune Ventures, Real Estate News, ET RealEstate

July 20, 2023

The National Company Law Tribunal has admitted a petition filed by Edelweiss Asset Reconstruction Company to initiate corporate insolvency resolution process (CIRP) against real estate company Neptune Ventures & Developers.

According to the ARC, Neptune Ventures owes it ₹402 crore. At the tribunal, the developer opposed the petition on the ground of limitation, as it was filed in July 2022, more than three years from the date of a payment default.

Nishit Dhruva, managing partner of law firm MDP & Partners who represented Edelweiss ARC, argued that after the default, the loan was restructured in September 2016 and the developer confirmed the outstanding liability of over ₹358 crore through a letter as on August 31, 2020.

  • Published On Jul 20, 2023 at 08:59 AM IST

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