According to the ARC, Neptune Ventures owes it ₹402 crore. At the tribunal, the developer opposed the petition on the ground of limitation, as it was filed in July 2022, more than three years from the date of a payment default.
A bench of Justices DY Chandrachud and M R Shah said that a sub-committee of four directors constituted by the new board of management will hold negotiations with Suraksha ARC, JM Financial ARC and Edelweiss ARC, about the outstanding dues and the settlement agreement and apprise it in four weeks