# Approval of Resolution Plan -Asten Realtors Private Limited

> NCLT judgment dated 2024-08-14. Citation: TCN-2024-NCLT-00787. The case involves two applications, IA(IBC)/493/KOB/2023 and IA(IBC)/51/KOB/2024, related to…

- **Court:** NCLT
- **Order date:** 14 Aug 2024
- **Citation:** TCN-2024-NCLT-00787
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-asten-realtors-private-limited-db63cff5

## Summary

### Background

The case involves two applications, IA(IBC)/493/KOB/2023 and IA(IBC)/51/KOB/2024, related to the Corporate Insolvency Resolution Process (CIRP) of Asten Realtors Private Limited. IA(IBC)/493/KOB/2023 was filed by the Resolution Professional (RP) seeking approval of a project-wise resolution plan submitted by Rajagiri Campus Court Home Buyers Welfare Association, which was approved by the Committee of Creditors (CoC) with 78.39% voting shares. IA(IBC)/51/KOB/2024 was filed by Piramal Capital and Housing Finance Limited seeking rejection of the resolution plan and invitation of a fresh holistic Resolution Plan for the entire assets of the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 2023-01-25. The RP admitted claims until 2023-08-15. The resolution

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## Facts

Asten Realtors Private Limited was admitted into CIRP on 2023-01-25. Mr. Rajendran P R was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) on 2023-03-25. The CIRP ended on 2023-12-21 after due extensions. The RP admitted claims till 2023-08-15. The Corporate Debtor is in the business of real estate development with three ongoing projects and one completed project. The RP received two prospective Resolution Plans, one from Rajagiri Campus Court Home Buyers Welfare Association for Project Asten Campus Court, and another from Asten Nautica Home Buyers Welfare Association for Project Austen Nautica. The 8th CoC on 2023-10-16 approved the plans with 78.39% voting rights. The resolution plan focuses on the Asten

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Rajagiri Campus Court Home Buyers Welfare Association …

**Ratio:** The resolution plan must comply with the provisions of the IBC, including sections 30(2)

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**Reasoning:** The Tribunal assessed the resolution plan against the requirements of the IBC and related

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**Interpretation:** The IBC mandates that a resolution plan must address the cause of default, be

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**Application:** The Tribunal found that the resolution plan submitted by Rajagiri Campus Court

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## Parties

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

## Timeline

- **2023-01-25 — CIRP Commen…**: Asten Realtors Private…
- **2023-03-25 — RP Appoin…**: Mr. Rajendran P R confirmed as the…

## 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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