CP(IB)/12/KOB/2024

(Under Section 33(2) of the IBC, 2016)

In the matter of:

M/s. Asten Properties and Developers Private

Limited

Memo of Parties:

Mr. Sreenivasan P R,

Resolution Professional of Asten Properties and

Developers Private Limited Plot No. 9-A, Jawahar Nagar

Kadavanthra, Kochi 682 020.

E-mail: sreenivasan.p.r@icai.org

–

… Applicant.

Order delivered on: 01.08.2025

Coram:

HON’BLE MEMBER (JUDICIAL) : SHRI. VINAY GOEL

HON’BLE MEMBER (TECHNICAL) : SMT. MADHU SINHA

Appearances:

For the Applicant : Mr. Vinod P V, Advocate

CP(IB)/12/KOB/2024 In re: M/s. Asten Properties and Developers Private Limited.

O R D E R

Per: Coram

1. The present application has been filed by Mr. CA Sreenivasan P R, Properties and Developers Private Limited (hereinafter referred to as Resolution Professional (hereinafter referred to as “RP”) of M/s. Asten vency and Bankruptcy Code, 2016, for passing an order on the liquidation of the ‘Corporate Debtor’) under Section 33(2) of the Insol Corporate Debtor and for the following reliefs:

a) Pass an order for Liquidation of the corporate Debtor under section 33(2) of the Insolvency and Bankruptcy Code, 2016; and, b) Pass an order to appoint the Applicant, the Resolution Applicant as the Liquidator under Section 34 of the Code; and c) Pass an order directing the liquidator to conduct the sale of the Corporate Debtor as a going concern under clause (e) of Regulation 32 of the IBBI (Liquidation process) Regulations, 2016;

2. The facts as narrated in the application are summarized hereunder:

i. The applicant serves as the Resolution Professional for the Corporate Debtor, which entered CIRP vide order of this Tribunal dated 13.06.2025 in CP(IBC)/12/KOB/2024. The Applicant was appointed as the Interim Resolution Professional and thereafter, as the Resolution Professional of the Corporate Debtor vide order dated 02.12.2024 in IA(IBC)/459/KOB/2024.

ii. That pursuant to the order of this Adjudicating Authority, the applicant made a public Announcement in Form-A on CP(IB)/12/KOB/2024 In re: M/s. Asten Properties and Developers Private Limited.

14.06.2024. The last date for receipt of the claim was June 27, 2024.

iii. The Corporate Debtor is involved in real estate construction, with its main asset being the stalled residential project "Dew Dale" near Kanjirappally Town. The 19-floor project is 30% complete and is situated on a 129-cent plot of land, covering 13022.53 m†. The building permit expired on 19/06/2021. The Resolution Professional (RP) has received claims from various homebuyers.

iv. The RP has approached this Tribunal seeking extension of the CIRP Period and has been granted as under:

a. Extension of 90 days from 11.12.2024 to 10.03.2025 vide order dated 18.12.2024 in IA(IBC)/525/KOB/2024.

b. Extension of 60 days from 11.03.2025 to 09.05.2025 vide order dated 13.03.2025 in IA(IBC)/76/KOB/2025.

c. Extension of 60 days from 10.05.2025 to 08.07.2025 vide order dated 01.05.2025 in IA(IBC)/155/KOB/2025.

v. It is stated that the Resolution Professional (RP) initially invited Expressions of Interest (EOI) for the submission of a Resolution Plan on 31.12.2024. In response, five Prospective Resolution Applicants submitted their EOIs. As a result, the Committee of Creditors (COC) extended the deadline for submitting the Resolution Plan from 07.03.2025 to CP(IB)/12/KOB/2024 In re: M/s. Asten Properties and Developers Private Limited.

27.03.2025. However, no resolution plans were received by the deadline.

vi. On April 1, 2025, RP convened a CoC meeting where the members unanimously decided to initiate another round of inviting EOIs. To encourage more participation, the CoC lowered the net worth requirement: from Rs. 5 Crore to Rs. 3 Crore. For home buyers forming a consortium or association, the net worth requirement was further reduced to Rs. 2 Crore. Additionally, the earnest money requirement was waived to maximize participation.

vii. Following the COC’s decision, the RP issued a second Expression of Interest (EOI) on 04.04.2025. In response, the A