# In the matter of Asten Realtors Private Limited

> NCLT judgment dated 2024-11-19. Citation: TCN-2024-NCLT-00198. 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-00198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/asten-realtors-private-limited-68dff67a

## 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. This excludes assets for which Resolution Plans have been approved. The Financial Creditors had previously initiated a Corporate Insolvency Resolution Process (CIRP) against Asten Realtors Private Limited, which was admitted on 2023-01-25, and Shri. Rajendran P.R. was appointed as Interim Resolution Professional. The Interim Resolution Professional made a public announcement inviting claims, and valuers were appointed to conduct asset valuation. The Committee of Creditors (CoC) confirmed the appointment of the Interim Resolution Professional as the

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## Facts

The Financial Creditors, including Mr. Chandy John Samuel, 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. Valuers were appointed to conduct the valuation of the assets of the Corporate Debtor. The Committee of Creditors (CoC) confirmed the appointment of the IRP as the Resolution Professional (RP). The RP invited Expressions of Interest (EOI) to submit Resolution Plans and received two project-wise Resolution Plans. The CIRP period was extended. The CoC approved two Resolution Plans with

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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 Committee of Creditors, with 78.39% voting, approved the resolution for 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 Committee of Creditors approved the liquidation with 78.39%

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## Parties

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

## Timeline

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

## 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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