# In the matter of Asten Realtors Private Limited

> NCLT judgment dated 2024-11-19. Citation: TCN-2024-NCLT-00205. 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-00205
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/asten-realtors-private-limited-498e12fa

## 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 following an application under Section 7 of the Code by financial creditors, including Mr. Chandy John Samuel. The Corporate Debtor's CIRP was admitted on 2023-01-25, and Mr. Rajendran P.R. was appointed as the Interim Resolution Professional. The Interim Resolution Professional made a public announcement inviting claims and appointed valuers to conduct the valuation of the assets. The Committee of Creditors (CoC) confirmed the appointment of the Interim Resolution

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## Facts

Mr. Chandy John Samuel and others, acting as financial creditors, initiated a Corporate Insolvency Resolution Process (CIRP) against Asten Realtors Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 2023-01-25, and Mr. Rajendran P.R. was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims and appointed valuers to assess the Corporate Debtor's assets. The Committee of Creditors (CoC) confirmed the appointment of the IRP as the Resolution Professional (RP) on 2023-03-25. The RP invited Expressions of Interest (EOI) for resolution plans and received two project-wise plans. The CIRP period was extended until 2023-10-22. The CoC approved two Resolution Plans with 78.39%

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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 Resolution Professional filed the application under Section

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Appellants:** RAJENDRA…
- **Respondents:** Asten Realtors…; Chandy John…

## Timeline

- **2023-01-25 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) was admitted against Asten Realtors…
- **2023-01-29 — Public Annou…**: Interim Resolution Professional made a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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