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Informist, Tuesday, Mar. 25, 2025

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal on Tuesday approved Shree Naman Developers Pvt. Ltd.'s INR 3.91-billion resolution plan, including allotment of units to homebuyers, for debt-ridden Neptune Developers Ltd. The order comes as relief for more than 3,500 homebuyers who were suffering for the last two years. 

 

There were two projects Ramrajya and Swarajya at Ambivali, Taluka Kalyan, Maharashtra, which were being developed by Neptune Developers. The admitted claim of the homebuyers of Neptune Developers for both projects was INR 1.18 billion.

 

According to the plan, the resolution applicant endeavours to deliver the finished units to homebuyers who wish to continue in the Ramrajya Project, within a period of five years. Regarding Swarajya Project, the resolution applicant proposes to hand over the sold units to the homebuyers at the same rate agreed by Neptune Developers within a period of one year from the receipt of the pending receivables from homebuyers.

 

Further, the resolution applicant proposed to pay the customers who have cancelled their units in full, irrespective of whether they had lodged their claims or not.

 

In 2021, the tribunal had admitted a petition by Central Bank of India to start insolvency proceedings against Neptune Developers. The debt-ridden company had admitted claims of INR 21.19 billion from creditors such as Assets Care & Reconstruction Enterprise Ltd., Central Bank of India, and Catalyst Trusteeship Ltd. 

 

The average fair value of the corporate debtor was INR 4.33 billion and the liquidation value was INR 3.13 billion. The resolution plan by Shree Naman Developers was approved by the committee of creditors of the debt-ridden company by 85.35% votes in favour in 2023. Shree Naman Developers is involved in the real estate sector and has conceived commercial projects for leading multinational companies and Indian corporate houses.  End

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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