The case involves appeals against orders passed by the National Company Law Tribunal (NCLT), Mumbai Bench-I, regarding the liquidation of Neelkanth Township & Construction Pvt Ltd (NTCPL). The appellant, Bhavik Bhimjyani, challenges the NCLT's approval of a private sale of NTCPL's assets to Leisure Enterprises LLP, alleging undervaluation and collusion.
CIRP of Neelkanth Township & Construction Pvt Ltd. ('NTCPL') commenced on 21.04.2017.
NTCPL was directed to be liquidated vide an Order dated 03.09.2018.
UITL filed Company Petition No. 21 of 2017 under Section 7 of the IBC seeking admission of NTCPL under CIRP claiming financial debt to the tune of Rs. 226.16 Crores.
The Appellant is challenging the approval given by the NCLT to the undervalued sale of lands of Neelkanth Township & Construction Pvt Ltd (in liquidation) (“NTCPL”) by way of private treaty to a related party vide the Impugned Order dated 05.12.2025 contrary to requirements of Regulation 33 of IBBI (Liquidation Regulations), 2016 (“Regulations”).
…Sign in to view the parties.
UITL filed Company Petition No. 21 of 2017…
Adjudicating Authority admitted the Company…
The case involves appeals against orders passed by the National Company Law Tribunal (NCLT), Mumbai Bench-I, regarding the liquidation of Neelkanth Township & Construction Pvt Ltd (NTCPL). The appellant, Bhavik Bhimjyani, challenges the NCLT's approval of a private sale of NTCPL's assets to Leisure Enterprises LLP, alleging undervaluation and collusion.
CIRP of Neelkanth Township & Construction Pvt Ltd. ('NTCPL') commenced on 21.04.2017.
NTCPL was directed to be liquidated vide an Order dated 03.09.2018.
UITL filed Company Petition No. 21 of 2017 under Section 7 of the IBC seeking admission of NTCPL under CIRP claiming financial debt to the tune of Rs. 226.16 Crores.
The Appellant is challenging the approval given by the NCLT to the undervalued sale of lands of Neelkanth Township & Construction Pvt Ltd (in liquidation) (“NTCPL”) by way of private treaty to a related party vide the Impugned Order dated 05.12.2025 contrary to requirements of Regulation 33 of IBBI (Liquidation Regulations), 2016 (“Regulations”).
…UITL filed Company Petition No. 21 of 2017…
Adjudicating Authority admitted the Company…