The National Company Law Appellate Tribunal (NCLAT), Principal Bench in New Delhi, has dismissed two appeals filed by the Central Bank of India, upholding the orders of the Adjudicating Authority that approved a resolution plan for Neptune Developers Private Limited. The Central Bank of India had challenged two orders, dated January 21, 2025, and March 25, 2025, issued by the National Company Law Tribunal (NCLT) in Mumbai.
The case, which involved two appeals, Company Appeal (AT) (Insolvency) No. 713 of 2025 and Company Appeal (AT) (Insolvency) No. 486 of 2025, centered on the Corporate Insolvency Resolution Process (CIRP) of Neptune Developers, a real estate company. The Central Bank of India, which had initiated the CIRP,…