NCLT directs liquidation of Neptune Ventures and Developers
This story was originally published at 19:28 IST on 8 October 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal Wednesday ordered liquidation of Neptune Ventures and Developers Pvt. Ltd. and appointed Stress Credit Resolution Pvt. Ltd. to conduct the process. "The corporate debtor, Neptune Ventures and Developers Pvt. Ltd., shall be liquidated in the manner laid down in Chapter-III of Part-II of the (Insolvency and Bankruptcy) Code," said the tribunal.
The tribunal noted that the period for the corporate insolvency resolution process of Neptune Ventures had expired and no resolution plan is before the committee of creditors for consideration. Further, the panel does not wish to proceed with the insolvency resolution process of the debt-ridden company. Consequently, an order of liquidation has to be passed under Section 33 of the 2016 Code, the tribunal said.
In 2023, the tribunal had admitted Edelweiss Asset Reconstruction Co. Ltd.'s petition to start insolvency proceedings against Neptune Ventures. The debt-ridden company had admitted claims of INR 9.75 billion. The committee of creditors of Neptune Ventures has HDFC Bank Ltd., Edelweiss Asset Reconstruction, JM Financial Products Ltd., Beacon Trusteeship Ltd., Catalyst Trusteeship Ltd., and EKA Life Ltd.
Neptune Ventures and Developers was a real-estate company that developed commercial, residential, and retail projects across India, including the Neptune Magnet Mall in Mumbai and Neptune Element IT Park in Thane, Maharashtra. Wednesday, shares of HDFC Bank ended 0.4% lower at INR 978.90 on the National Stock Exchange, while shares of Beacon Trusteeship Ltd. ended 20.0% higher at INR 62.50. End
Reported by Surya Tripathi
Edited by Rajeev Pai
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