# In the matter of Asten Realtors Private Limited

> NCLT judgment dated 2025-03-21. Citation: TCN-2025-NCLT-00335. The application was filed by the Liquidator of M/s. Asten Realtors Private Limited under…

- **Court:** NCLT
- **Order date:** 21 Mar 2025
- **Citation:** TCN-2025-NCLT-00335
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/asten-realtors-private-limited-60e45eb0

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the application for replacement of the liquidator should be allowed, considering the …

**Ratio:** The commercial wisdom of the creditors is paramount in insolvency proceedings, and the

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**Reasoning:** The SCC, with a 94.30% majority vote, resolved to replace the present Liquidator. The

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**Interpretation:** The court interprets that the decision of the Stakeholders' Consultation

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**Application:** In this case, the SCC's resolution to replace the liquidator with a 94.30%

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## Parties

- **Judges:** Vinay…; Madhu S…
- **Appellants:** Padmakuma…
- **Respondents:** Asten Realtors…; PIRAMAL CAPITAL &…

## Timeline

- **2023-01-25 — Order by Adjudicating…**: Adjudicating Authority admitted the application filed by Sri. Chandy John Samuel & Others…
- **2024-11-19 — Order for Liq…**: Adjudicating Authority passed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 230 — Delegation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-230)

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