JUDGMENT

ASHOK BHUSHAN, J.

These two appeals have been filed against the same order of the Adjudicating Authority dated 05.04.2024 passed in I.A. No. 1394/2023 in C.P. (IB) No. 38/2020, by which order Adjudicating Authority has rejected the I.A. 1394/2023 filed by the Resolution Professional (RP) for approval of the Resolution Plan submitted by M/s. Eagle Fashions Private Ltd & Anr. Both the RP and Successful Resolution Applicant (SRA) aggrieved by rejection of the Resolution Plan has come up in these appeals.

2. Brief facts giving rise to these appeals are:

i. On an application filed by the IDBI bank under Section 7, Corporate Insolvency Resolution Process (CIRP) commenced against the Corporate Debtor, Sumeet Industries Ltd. by order dated 20.12.2022.

ii. On 04.03.2023, Interim Resolution Professional (IRP) was replaced and Mr. Satyendra Prasad Khorania was appointed as a RP.

iii. Registered valuers were appointed in Second Committee of Creditors (CoC) Meeting

iv. Form G was issued and thereafter Request for Resolution Plan (RFRP) and evaluation matrix was issued, in response to the RFRP, 5 Resolution Plans were received.

v. The CoC considered the Resolution Plan received in the CIRP of t