In this paper, the geometrically nonlinear bending analysis of multilayered composite plates is carried out through a rigorous comparative study employing Green-Lagrange and von Kármán nonlinearity. The responses are analyzed for various transverse loads and boundary conditions, and emphasized the impending structural condition, which requires the consideration of full geometric nonlinearity. The study is conducted using a C0 finite element plate model using third-order and non-polynomial shear deformation theories (TSDT and NPSDT). The principle of virtual work is utilized to formulate the weak-form of governing equations, and discretized using nine-noded Lagrange elements with seven degrees-of-freedom per node. The performance of the present model has been validated by comparing present results with those available in the literature and obtained ANSYS results. The results reveal that the consideration of Green-Lagrange nonlinearity is essential for plates with all sides subjected to movable simply supported boundary conditions or with one free edge. The present study also provides a clear idea about the utilization of TSDT and NPSDT for the anti-symmetric and symmetric cross-ply plate, respectively, to get more accurate solution. Further, the effect of penalty for various theories and problems is also highlighted, and its prominent impact is asserted for some cases.