MUMBAI, Aug. 21 -- 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."

The order brings relief to more than 2,000 homebuyers who have waited more than a decade for possession of flats tied up in Neptune's stalled project.

"There are no grounds made out to interfere with the approval of the resolution plan which is based on approval by the CoC in exercise of its commercial wisdom. There is no merit in the appeal. The a...