JUDGEMENT

Per Justice N. Seshasayee, Member (Judicial)

This appeal is preferred by a Prospective Resolution Applicant (PRA) challenging an order the Adjudicating Authority (NCLT-V, Mumbai) dismissing its application in I.A. No. 1851 of 2024 in C.P (IB) 144/MB/2021, which it had taken out for the rejection of resolution plan submitted by the third respondent/SRA, inter alia on the ground that the SRA is ineligible to participate in the resolution process as it is a related party within the meaning of Section 29A of the IBC.

FACTS

2.1 The controversy herein involved arises out a CIRP proceedings which came to be initiated against certain Megi Agro Chem Ltd.. The relevant facts are: 

a) On admission of the CD to CIRP, the first respondent herein was appointed as the Resolution Professional. The resolution process progressed to the stage of invitation of Expression of Interest (EoI, for short) through Form G. The RP Had issued Form-G at least thrice, since the first two attempts at the insolvency resolution process of the CD were not successful.

b) In the first two occasions, the appellant very enthusiastically submitted its EOI, but it did not sustain its early enthusiasm as it failed to su