# In the matter of Asten Realtors Private Limited

> NCLT judgment dated 2025-03-21. Citation: TCN-2025-NCLT-00331. 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-00331
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/asten-realtors-private-limited-e7a46ad1

## 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) Regulation, 2016, seeking the replacement of the present 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 against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiated the Corporate Insolvency Resolution Process, approved two project-wise resolution plans, and passed an order for liquidation.

## Facts

Sri. K.C. Padmakumar, the Liquidator of M/s. Asten Realtors Private Limited, filed an application seeking to be replaced by Sri. Sreenivasan P R, as resolved by the Stakeholders' Consultation Committee (SCC). The Adjudicating Authority had previously admitted an application against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiated the Corporate Insolvency Resolution Process, approved two project-wise resolution plans, and passed an order for liquidation on 2024-11-19. The applicant made a public announcement inviting claims on 2024-11-23, with the last date of receipt being 2024-12-19. The applicant collated the claims, prepared a list of stakeholders, and constituted the Stakeholders' Consultation Committee on 2025-01-18. The

…

## Issues and analysis

### Issue 1: Whether the present Liquidator, Sri. K.C. Padmakumar, should be replaced by Sri. Sreenivasan P.R., …

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

…

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

…

**Interpretation:** Regulation 31A(11) of the Liquidation Regulations allows for the replacement of

…

**Application:** In this case, the SCC's decision to replace Sri. K.C. Padmakumar with Sri.

…

## Parties

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

## Timeline

- **2023-01-25 — Order for CIRP…**: 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 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/asten-realtors-private-limited-e7a46ad1