# In the matter of Neptune Ventures and Developers Private Limited

> NCLT judgment dated 2025-05-02. Citation: TCN-2025-NCLT-00132. 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-00132
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neptune-ventures-and-developers-private-limited-58833829

## 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 application was filed under Section 14(1) read with Section 68(i)(b) of the Insolvency and Bankruptcy Code, 2016.

## Facts

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.

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## Issues and analysis

### Issue 1: Whether there was a breach of moratorium by the Respondents by debiting monies from the bank …

**Ratio:** Section 14 of the Insolvency and Bankruptcy Code (IBC) imposes a moratorium upon the

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**Reasoning:** The court reasoned that the transactions occurred after the moratorium was imposed and

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**Interpretation:** Section 14 is interpreted to mean that once CIRP commences, all actions against

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**Application:** The court applied the ratio to the facts by noting that the bank statements

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Sandeep M…
- **Respondents:** Neptune Ventures…; Nayan Thakrashi…

## 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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