# In the matter of Central Bank of India vs. Bijendra Kumar Jha and Ors.

> NCLAT judgment dated 2025-08-18. Citation: TCN-2025-NCLAT-00443. The Central Bank of India filed two appeals challenging orders dated 21.01.2025 and…

- **Court:** NCLAT
- **Order date:** 18 Aug 2025
- **Citation:** TCN-2025-NCLAT-00443
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/central-bank-of-india-vs-bijendra-kumar-jha-and-ors-f3f2c679

## Summary

### Background

The Central Bank of India filed two appeals challenging orders dated 21.01.2025 and 25.03.2025 passed by the Adjudicating Authority (NCLT), Mumbai Bench, regarding IA No.2694 of 2023 and IA No.1661 of 2023 in CP (IB) No.3794/MB/C-III/2019 involving Neptune Developers Private Limited.

## Facts

Central Bank of India sanctioned a term loan to Neptune Developers Private Limited, a company engaged in Real Estate Development.

The project land measuring 26.05 acres at Village Ambivali, Tal. Kalyan, and structures constructed were exclusively charged in favor of the Central Bank of India.

The CIRP was initiated against Neptune Developers Private Limited, and it was admitted on 16.07.2021.

Shree Naman Developers Pvt. Ltd. submitted a Resolution Plan that was approved by the CoC with 85.35% vote shares on 31.03.2023.

Central Bank of India, with an 11.83% voting share in the CoC, did not vote in favor of the resolution plan.

The Adjudicating Authority directed the appointment of a third valuer to value 'Project Swarajya' on 21.01.2025.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority …

**Ratio:** The Adjudicating Authority did not err in approving the Resolution Plan as the CoC

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**Reasoning:** The CoC's commercial wisdom in approving the Resolution Plan should not be interfered

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**Interpretation:** The commercial wisdom of the CoC is paramount in approving a Resolution Plan,

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**Application:** In this case, the CoC approved the Resolution Plan, and the Adjudicating

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Central Bank of…
- **Respondents:** Neptune Developers…; Bijendra Kumar…; +2 more
- **Other parties:** Jayesh Moha…
- **Advocates:** Ravi Ragh…; Rathina Maravarnan…; +11 more

## Timeline

- **2021-07-16 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…
- **2023-03-31 — Resolution Plan…**: Resolution Plan submitted by Shree Naman Developers Pvt. Ltd. was approved by the CoC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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