# Approval of Resolution Plan - Asten Realtors Private Limited

> NCLT judgment dated 2024-08-14. Citation: TCN-2024-NCLT-00797. The case involves multiple applications (IA(IBC)/492/KOB/2023, IA(IBC)/79/KOB/2024, and…

- **Court:** NCLT
- **Order date:** 14 Aug 2024
- **Citation:** TCN-2024-NCLT-00797
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-asten-realtors-private-limited-3bc70295

## Summary

### Background

The case involves multiple applications (IA(IBC)/492/KOB/2023, IA(IBC)/79/KOB/2024, and IA(IBC)/15/KOB/2024) related to the Corporate Insolvency Resolution Process (CIRP) of Asten Realtors Private Limited. The CIRP was initiated on 2023-01-25, and Mr. Rajendran P R was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP received claims from various creditors, including secured financial creditors, class of creditors (home buyers), unsecured financial creditors, and operational creditors. The RP invited Expressions of Interest (EOI) for the resolution plan, and two prospective resolution plans were received. The applications concern the resolution plan for the "Project Austen Nautica".

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## Facts

Asten Realtors Private Limited was admitted into CIRP on 2023-01-25. Rajendran P R was appointed as the IRP and later confirmed as RP. The RP received 299 claims totaling Rs.121.39 Crores for "Rajagiri Campus Court", 22 claims for Rs. 59.68 Crores for "Asten Nautica", and 3 claims for Rs.5.99 Crores for "Aurum Woods". The RP invited Expressions of Interest (EOI) for the Resolution Plan on March 28, 2023, which was extended till July 11, 2023. Two prospective Resolution Plans were received. The resolution plan for "Project Austen Nautica" was submitted by the home buyer's association of the project consisting of 20 members, represented by its Secretary Mr. Dileep Mohan. The land consists of 205.142 cents in Kumbalam Village,

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Asten Nautica Buyers Welfare Association should be …

**Ratio:** The resolution plan was approved by the CoC with a 78.39% voting share, indicating that

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**Reasoning:** The Tribunal found that the provisions under IBC, particularly sections 30 and 31 of the

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**Interpretation:** The approval of the resolution plan is based on the principle that the CoC's

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**Application:** The Tribunal applied the ratio to the specific facts of the case, noting that

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## Parties

- **Judges:** T Krishna…; RAVICHANDRAN…
- **Appellants:** RAJENDRA…
- **Respondents:** Asten Realtors…; CNRW…

## Timeline

- **2023-01-25 — CIRP Init…**: Asten Realtors Private…
- **2023-03-28 — EOI Invit…**: RP invited Expressions of Interest…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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