Appellate tribunal junks objection to Neptune resolution

NCLAT held that as a dissenting creditor, the bank cannot block a plan approved by CoC

- Priyanka Gawande

The National Company Law Appellate Tribunal (NCLAT) has rejected an appeal by the Central Bank of India challenging the approval of a resolution plan for Neptune Developers Pvt. Ltd, a bankrupt real estate company. The tribunal ruled that as a dissenting financial creditor, the bank cannot block a plan endorsed by the Committee of Creditors (CoC) in its "commercial wisdom."