# In the matter of Asten Realtors Private Limited

> NCLT judgment dated 2024-12-17. Citation: TCN-2024-NCLT-00044. This is a fresh application filed by the Liquidator of Asten Realtors Private Limited seeking…

- **Court:** NCLT
- **Order date:** 17 Dec 2024
- **Citation:** TCN-2024-NCLT-00044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/asten-realtors-private-limited-def5a74f

## Summary

### Background

This is a fresh application filed by the Liquidator of Asten Realtors Private Limited seeking permission to defer a decision in the First SCC, consisting of the erstwhile COC, to the Second SCC after the constitution of the SCC, in view of approval of two project-wise resolution plans and change of constitution of the committee. The liquidator also sought permission to convene the second SCC after the constitution of the SCC, as the Liquidator cannot convene the second meeting within 30 days from the first SCC as required under Regulation 31A(6). The liquidator also requested the court to take on record the minutes of the first meeting of SCC consisting of the committee of creditors held on 27th November 2024.

## Facts

The Liquidator of Asten Realtors Private Limited filed an application seeking several reliefs. First, the liquidator sought permission to defer a decision from the First SCC (consisting of the erstwhile COC) to the Second SCC, citing the approval of two project-wise resolution plans and a change in the committee's constitution. Second, the liquidator requested permission to convene the second SCC after its constitution, acknowledging the inability to comply with the 30-day requirement under Regulation 31A(6). Finally, the liquidator asked the court to record the minutes of the first SCC meeting held on November 27, 2024. The learned counsel for the liquidator appeared in virtual mode. The court allowed the reliefs sought in prayer clauses 'a' and 'b' and directed the

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## Issues and analysis

### Issue 1: Whether the Liquidator should be granted permission to defer the decision to be taken in the First …

**Ratio:** The court has the discretion to grant permission to the liquidator to defer decisions in

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**Reasoning:** The court considered the submissions of the learned counsel and the circumstances

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**Interpretation:** This issue involves the interpretation of the powers and discretion of the

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**Application:** The court applied its discretion to the specific facts of the case, where the

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## Parties

- **Judges:** RAVICHANDRAN…; JYOTI KUMAR…
- **Respondents:** Asten Realtors…

## Timeline

- **2024-11-27 — First SCC M…**: The first meeting of the Stakeholders Consultation Committee (SCC) consisting of the…
- **2024-12-17 — Order Da…**: The court allowed the application filed by the Liquidator, granting permission to defer…

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