M&A
NCLAT clears Shree Naman Developers’ Rs.390-Cr bid for bankrupt Neptune Developers
The National Company Law Appellate Tribunal (NCLAT) has rejected an appeal by the Central Bank of India (CBI) challenging the approval of a resolution plan for Mumbai-based bankrupt real estate company Neptune Developers Pvt. Ltd. It has also upheld the NCLT’s approval of the INR 390 crore resolution plan submitted by Shree Naman Developers Pvt. Ltd .Neptune Developers had defaulted on loans from CBI and had mortgaged its 26.05-acre “Project Swarajya” in Kalyan, near Mumbai. The bank disputed the exclusion of certain assets from the valuation during the insolvency resolution process.This marks the second acquisition for Shree Naman Developers, which also bought Radius Infra Holdings in May 2024.
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