NCLT admits insolvency plea against Neptune Ventures

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.