The High Court has been asked to wind up property development company Treasury Holdings.
The application was made by KBC Bank, which is owed around €75m by Treasury in loans and guarantees given to Treasury companies for the development of Spencer Dock in Dublin.
Treasury says 300 jobs are at risk and the companies should be given more time to negotiate with potential investors.
The National Convention Centre in Dublin is one of the developments at the centre of this case.
KBC Bank was part of a syndicate which lent around €300m to Treasury companies to develop Spencer Dock.
KBC is owed around €75m, it wants Treasury and related companies to be wound up and a liquidator to be appointed.
Treasury argues that KBC can't act without the other member of the syndicate, which is now NAMA, and it wants the court to use its discretion to adjourn the winding up petition for a number of weeks to allow further discussions with potential investors to take place.
Treasury suggested KBC would not be prejudiced by an adjournment and had an ulterior motive for seeking to have the companies wound up.
Treasury said if the companies were liquidated, a decision about appealing a High Court decision rejecting its challenge to NAMA's decision to call in its loans would be taken out of the hands of the Treasury directors.
Lawyers for KBC Bank said the companies were wholly insolvent and were looking for some kind of quasi court protection.
Senior Counsel Lindon McCann said Treasury had made continued and protracted efforts to do anything but repay the loans. He said Treasury were hoping a white knight would come along to take over the loans but they had been looking for this white knight for months and months. He said all KBC Bank wanted was to be paid.
He said a new offer to take over the loans from Morgan Stanley involved KBC and NAMA providing finance to Morgan Stanley to buy the loans and was commercially unattractive.
Treasury says 300 jobs in Ireland would be directly and indirectly affected if the companies were to be liquidated.
It says there's clearly serious interest in Treasury's assets and KBC would not be prejudiced if the winding up application were adjourned for a few weeks to allow negotiations with investors to take place.
The case will continue tomorrow.