# In the matter of Neptune Ventures and Developers Private Limited

> NCLT judgment dated 2025-05-02. Citation: TCN-2025-NCLT-00124. The case involves an application filed by the Interim Resolution Professional (IRP) of Neptune…

- **Court:** NCLT
- **Order date:** 2 May 2025
- **Citation:** TCN-2025-NCLT-00124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neptune-ventures-and-developers-private-limited-0d9f1b7e

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) of Neptune Ventures and Developers Private Limited against its suspended directors. The IRP sought directions for the suspended directors to refund amounts totaling Rs. 5,91,41,405, which were allegedly transferred from the corporate debtor's bank accounts after the commencement of the Corporate Insolvency Resolution Process (CIRP) and declaration of moratorium. The IRP argued that these transfers violated Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. The suspended directors contended that the amounts represented debts owed to homebuyers and operational creditors, and the instruments (cheques, etc.) were issued before the insolvency commencement date.

## Facts

Edelweiss Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) for Neptune Ventures and Developers Private Limited on 2023-07-17. Sandeep Mahajan was appointed as the Interim Resolution Professional (IRP). Following the commencement of CIRP, the IRP discovered that amounts totaling Rs. 5,91,41,405 were transferred from the corporate debtor's bank accounts. These transfers occurred after the declaration of a moratorium under Section 14 of the IBC. The IRP sent emails to the suspended directors (Nayan Thakrashi Shah, Nayan Ashok Bheda, and Sachin Manohar Deshmukh) requesting the reversal of these transactions, but received no

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## Issues and analysis

### Issue 1: Whether the transfer of funds from the corporate debtor's bank accounts after the declaration of …

**Ratio:** Section 14 of the IBC imposes a moratorium on the corporate debtor's assets upon the

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**Reasoning:** The NCLT reasoned that the purpose of the moratorium is to protect the corporate debtor's

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**Interpretation:** Section 14 is interpreted strictly to prevent any actions that could diminish

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**Application:** The NCLT applied this principle to the facts of the case, finding that the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Sandeep M…
- **Respondents:** Neptune Ventures…; Nayan Thakrashi…
- **Advocates:** Abhishek…; Karan K…; +1 more

## Timeline

- **2023-07-17 — CIRP Commen…**: Neptune Ventures and Developers Private Limited admitted into Corporate Insolvency…
- **2023-07-17 — Moratorium D…**: Adjudicating Authority declared…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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