Creditors asked to submit claims as of Neptune Ventures liquidation process begins

The liquidator of Neptune Ventures and Developers Private Limited has asked all creditors and stakeholders to submit their claims within the next month, formally setting in motion the breakup and sale of the company’s assets, including its key property, the Neptune Magnet Mall in Bhandup.

In a notice published on Monday, the newly appointed liquidator, Stress Credit Resolution Private Limited, has set November 7, 2025, as the last date for the submission of claims. This announcement marks the definitive end of the corporate rescue attempt and begins the final chapter for the company, which entered liquidation after a prolonged but unsuccessful insolvency process.

The liquidation order was passed by the National Company Law Tribunal (NCLT) on October 8, 2025, culminating a corporate insolvency resolution process (CIRP) that lasted over two years and failed to yield a viable revival plan.

The company’s downfall stemmed from a massive debt burden. Its troubles began with loans taken from Central Bank of India starting in 2012, which were later assigned to Edelweiss Asset Reconstruction Company Limited (EARC). Despite a debt restructuring in 2016, the company defaulted, leading EARC to file for insolvency in 2022.

The NCLT admitted the petition in July 2023, initiating a CIRP to find a new owner to take over the company and keep it afloat. The process saw initial interest, including from major real estate players, but was plagued by litigation and a lack of compelling offers. The final nail in the coffin was the rejection of a solitary resolution plan from Sherisha Technologies Private Limited in October 2024, which the Committee of Creditors found to be undervalued.

With the legal timeframe for resolution exhausted, the tribunal ordered the company into liquidation.

Magnet mall to be sold off

The primary asset now facing sale is the Neptune Magnet Mall, which was once the security for the company’s loans. Its disposal will be a key task for the liquidator as they seek to repay financial creditors, including EARC and HDFC Bank, who have combined admitted claims of over ₹975 crore.

The public announcement serves as a final notice for all parties, including operational creditors and employees, to formally lodge their claims. For stakeholders, this is the last opportunity to register their dues before the company’s assets are dissolved to settle its debts, drawing a stark line under a venture that once held significant promise.

Also See: E-Auction set for Jammu assets of Surya Pharmaceutical with reserve price of ₹92 crore