The court ruled that excluded parties cannot partake in insolvency proceedings due to statutory disqualifications, emphasizing the need to uphold legislative intent and efficiency in the process.

ORDER

1. The present Intervention Application, being INV. P. 1 of 2026 (hereinafter referred to as “the Application”), has been filed by Carnet Elias Fernandes (hereinafter referred to as “the Applicant/Intervenor”), Suspended Management of GEI Power Ltd. (hereinafter referred to as “the Corporate Debtor”) under Rule 11 of the National Company Law Tribunal Rules, 2016 (hereinafter referred to as “the NCLT Rules”), seeking impleadment as a necessary and proper party in IA (Plan) No. 5 of 2024 (hereinafter referred to as “the Plan IA”), pending adjudication before this Hon’ble Tribunal in CP(IB)/49(MP)2024 (hereinafter referred to as “the Main Proceeding”). The Plan IA is an application filed under Section 30 (6) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) for approval of the Resolution Plan in the Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) of the Corporate Debtor. The Applicant additionally seeks directions for service of the Resolution Plan and the approval application upon him, and for leave to file Date of Order: 17.03.2026 objections and participate in the proceedings. The Application was filed on 27.02.2026.

2. It is an admitted position on record that this Hon’ble Adjudicating Authority, vide order dated 22.01.2025, initiated the CIRP against the Corporate Debtor, GEI Power Ltd., in CP(IB)/49(MP)2024 Consequent upon the said admission, Jagdish Kumar Parulkar (IBBI Registration No. IBBI/IPA-001/IP-P00671/2017-2018/11143), resident of B56, Wallfort City, Bhatagaon, Ring Road No.1, Raipur, Chhattisgarh 492001 (hereinafter referred to as “the Respondent/Resolution Professional”), was appointed as the Interim Resolution Professional on 22.01.2025 and was confirmed as the Resolution Professional with 100% voting share of the Committee of Creditors (hereinafter referred to as “CoC”) in its 1st Meeting held on 24.02.2025, which was taken on record by this Tribunal vide order dated 24.03.2025.

3. In furtherance of the CIRP, a Resolution Plan was approved by the CoC and an application for approval of the same, being IA (Plan) No. 5 of 2024, has been filed under Section 30 (6) of the Code and is presently pending adjudication before this Hon’ble Tribunal.

4. It is pertinent to note at the outset that the present Applicant had, prior to filing the instant Application, filed IA 305/2025 in CP(IB)/49(MP)2024 under Section 60(5) of the Code read with Rule Date of Order: 17.03.2026 11 of the NCLT Rules, seeking setting aside of the letter dated 11.06.2025 issued by the Respondent/Resolution Professional declaring the Applicant ineligible to submit a Resolution Plan under Section 29A (e) and (f) of the Code, and seeking a direction to permit consideration of the Applicant’s Resolution Plan. The said IA 305/2025 was heard by this Tribunal and was decided vide order dated 17.02.2026. By the said order, this Tribunal, upon consideration of the pleadings and the applicable provisions of law, held as under:

A. That the Applicant’s DIN (00054508) was “Deactivated” at the time when due diligence was conducted and remained deactivated on 11.06.2025, the date on which the Applicant was informed of his ineligibility;

B. That mere reflection of DIN status on an online MCA portal, in the absence of a clear and categorical order passed by the competent authority removing the disqualification or negating the basis recorded in the due diligence report, cannot be treated as sufficient to establish eligibility under Section 29A of the Code;

C. That the exemption under