The application was filed by the Liquidator of M/s. Asten Realtors Private Limited under Regulation 31(A)(11) of the IBBI (Liquidation Process), 2016, seeking reliefs including the replacement of the current liquidator, Sri. K.C. Padmakumar, with Sri. Sreenivasan P.R. as resolved by the Stakeholders' Consultation Committee (SCC). The Adjudicating Authority had previously admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. Two project-wise resolution plans were approved during the CIRP period. An order for liquidation was passed on 19.11.2024.
The Liquidator of M/s. Asten Realtors Private Limited filed an application seeking to replace the current liquidator, Sri. K.C. Padmakumar, with Sri. Sreenivasan P.R., as resolved by the Stakeholders' Consultation Committee (SCC). The Adjudicating Authority had previously admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. Two project-wise resolution plans were approved during the CIRP period. An order for liquidation was passed on 19.11.2024. The SCC, with a 94.30% majority vote, resolved to replace the present Liquidator. The Applicant proposed a monthly remuneration of Rs.2.50 Lakhs per month, which was not approved by the Respondents. The Applicant
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Adjudicating Authority admitted the application…
Adjudicating Authority…
The application was filed by the Liquidator of M/s. Asten Realtors Private Limited under Regulation 31(A)(11) of the IBBI (Liquidation Process), 2016, seeking reliefs including the replacement of the current liquidator, Sri. K.C. Padmakumar, with Sri. Sreenivasan P.R. as resolved by the Stakeholders' Consultation Committee (SCC). The Adjudicating Authority had previously admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. Two project-wise resolution plans were approved during the CIRP period. An order for liquidation was passed on 19.11.2024.
The Liquidator of M/s. Asten Realtors Private Limited filed an application seeking to replace the current liquidator, Sri. K.C. Padmakumar, with Sri. Sreenivasan P.R., as resolved by the Stakeholders' Consultation Committee (SCC). The Adjudicating Authority had previously admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. Two project-wise resolution plans were approved during the CIRP period. An order for liquidation was passed on 19.11.2024. The SCC, with a 94.30% majority vote, resolved to replace the present Liquidator. The Applicant proposed a monthly remuneration of Rs.2.50 Lakhs per month, which was not approved by the Respondents. The Applicant
…Adjudicating Authority admitted the application…
Adjudicating Authority…