# In the matter of Asten Realtors Private Limited

> NCLT judgment dated 2024-11-19. Citation: TCN-2024-NCLT-00206. The application was filed by the Resolution Professional (RP) under Section 33(2) of the…

- **Court:** NCLT
- **Order date:** 19 Nov 2024
- **Citation:** TCN-2024-NCLT-00206
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/asten-realtors-private-limited-27814213

## Summary

### Background

The application was filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Asten Realtors Private Limited, excluding assets for which Resolution Plans have been approved. The CIRP was initiated against the Corporate Debtor following an application under Section 7 of the Code by financial creditors, including Chandy John Samuel. The application was admitted on 2023-01-25, and Rajendran P.R. was appointed as the Interim Resolution Professional. Public announcements were made, and valuers were appointed to assess the Corporate Debtor's assets. The CIRP was extended, and resolution plans were invited. Two project-wise Resolution Plans were received, but no plan

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## Facts

Mr. Chandy John Samuel and others, as financial creditors, initiated a Corporate Insolvency Resolution Process (CIRP) against Asten Realtors Private Limited by applying under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2023-01-25, and Mr. Rajendran P.R. was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements inviting claims. The 1st meeting of the Committee of Creditors (CoC) was held on 2023-02-25, and the appointment of the IRP as the Resolution Professional (RP) was confirmed. The Tribunal approved this appointment on 2023-03-25. The RP invited Expression of Interest (EOI) for resolution plans and received EOIs from four prospective resolution applicants. Two project-wise resolution

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(2) of the Insolvency …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Resolution

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**Reasoning:** The Adjudicating Authority considered the documents and submissions made by the

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** In this case, the CoC, having considered the lack of resolution plans for

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Appellants:** Chandy John…
- **Respondents:** Asten Realtors…; M/s. Asten…
- **Advocates:** Vinod…

## Timeline

- **2023-01-25 — Admission of CIRP…**: The application under Section 7 of the Code filed by the Financial Creditors was…
- **2023-01-25 — Appointment of Interim…**: Shri. Rajendran P.R. was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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