# Approval of Resolution Plan - Neptune Developers Limited

> NCLT judgment dated 2025-03-25. Citation: TCN-2025-NCLT-00313. The application I.A. 1661/2023 was filed by Mr. Bijendra Kumar Jha, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 25 Mar 2025
- **Citation:** TCN-2025-NCLT-00313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-neptune-developers-limited-e4de0d47

## Summary

### Background

The application I.A. 1661/2023 was filed by Mr. Bijendra Kumar Jha, the Resolution Professional of Neptune Developers Limited, seeking approval of the resolution plan submitted by Shree Naman Developers Private Limited. The CIRP was initiated following an application by Central Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) approved the resolution plan with 85.35% voting share. The admission order was challenged before the NCLAT and Supreme Court, with an interim stay granted and later vacated. The RP was replaced, and Mr. Bijendra Jha was appointed. The resolution plan involves settling claims of various creditors, including financial creditors, operational creditors, and homebuyers, with specific provisions

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## Facts

Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against Neptune Developers Limited. Mr. Vijay Lulla was initially appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and the first meeting was held on 26.08.2021. The admission order was challenged before the NCLAT and Supreme Court, with an interim stay granted and later vacated. Mr. Bijendra Jha was appointed as the Resolution Professional (RP). The RP received three resolution plans, including one from Shree Naman Developers Private Limited. The CoC approved the resolution plan submitted by Shree Naman

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shree Naman Developers Private Limited meets the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, stipulates the mandatory

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**Reasoning:** The Tribunal perused Form-H and found that the Resolution Plan is in compliance with the

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**Interpretation:** Section 30(2) sets out the conditions that a resolution plan must satisfy,

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**Application:** The Tribunal applied the provisions of Section 30(2) to the Resolution Plan

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## Parties

- **Judges:** Hariharan…; LAKSHMI G…
- **Respondents:** Neptune Developers…

## Timeline

- **2021-07-16 — Initiation…**: Corporate Insolvency Resolution Process (‘CIRP') of Neptune Developers Limited/Corporate…
- **2021-07-26 — Public Annou…**: The IRP made public announcement on 26.07.2021 under Regulation 6 of the Insolvency and…

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