Edelweiss Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), leading to the initiation of the 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 CIRP commencement, 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 suspended directors, Nayan Thakrashi Shah, Nayan Ashok Bheda, and Sachin Manohar Deshmukh, claimed the payments were for pre-existing debts to homebuyers and operational creditors.

Edelweiss Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), leading to the initiation of the 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 CIRP commencement, 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 suspended directors, Nayan Thakrashi Shah, Nayan Ashok Bheda, and Sachin Manohar Deshmukh, claimed the payments were for pre-existing debts to homebuyers and operational creditors.