# In the matter of Neptune Ventures And Developers Private Limited

> NCLT judgment dated 2025-10-08. Citation: TCN-2025-NCLT-01455. The case pertains to an application filed under Section 33(1)(a) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 8 Oct 2025
- **Citation:** TCN-2025-NCLT-01455
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/neptune-ventures-and-developers-private-limited-51ce754d

## Summary

### Background

The case pertains to an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional of Neptune Ventures and Developers Private Limited, seeking liquidation of the Corporate Debtor.

## Facts

Edelweiss Asset Reconstruction Company Limited filed an application under Section 7 of the IBC, leading to the commencement of CIRP against Neptune Ventures and Developers Private Limited on 17.07.2023.

Sandeep Mahajan was appointed as the Interim Resolution Professional (IRP).

The Committee of Creditors (CoC) was constituted on 16.08.2023.

Various CoC meetings were held, and valuers were appointed.

Two Eols were received from Macrotech Developers Limited and Shree Naman Group.

HDFC Bank filed I.A. No. 5440 of 2023 under Section 60(5) of the Code seeking to quash the resolution to sell units at 'Neptune Mall' as a going concern.

The CIRP period was extended, and a fresh Form G was issued.

Sherisha Technologies Private Limited submitted a Resolution Plan.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Neptune Ventures and …

**Ratio:** Section 33 of the Insolvency

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**Reasoning:** The CIRP period had expired, and there was no approved resolution plan. The CoC, in its

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**Interpretation:** The Adjudicating Authority must pass an order for liquidation under Section 33

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**Application:** The Tribunal ordered the liquidation of Neptune Ventures and Developers Private

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Sandeep M…; Edelweiss Asset…
- **Respondents:** Neptune Ventures…
- **Other parties:** Stress Credit…; ARCK Resolution…
- **Advocates:** Abhishek…; Karan K…; +1 more

## Timeline

- **2022 — Case Fil…**: C.P. (IB) 800/MB/2022…
- **2023-07-17 — CIRP Comm…**: Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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