# In the matter of Astral Agro Ventures vs. Mr. Vakati Balasubramanyam Reddy (RP) and Ors.

> NCLAT judgment dated 2025-11-18. Citation: TCN-2025-NCLAT-00561. The appeal was filed by a Prospective Resolution Applicant (PRA) challenging an order of the…

- **Court:** NCLAT
- **Order date:** 18 Nov 2025
- **Citation:** TCN-2025-NCLAT-00561
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/astral-agro-ventures-vs-mr-vakati-balasubramanyam-reddy-7cdc9a32

## Summary

### Background

The appeal was filed by a Prospective Resolution Applicant (PRA) challenging an order of the Adjudicating Authority (NCLT-V, Mumbai) that dismissed its application for rejection of a resolution plan submitted by the third respondent/SRA.

## Facts

CIRP proceedings were initiated against Megi Agro Chem Ltd.

The first respondent was appointed as the Resolution Professional.

The resolution process progressed to the stage of invitation of Expression of Interest (Eol) through Form G.

The RP issued Form-G at least thrice because the first two attempts at the insolvency resolution process were not successful.

The appellant submitted its EOI in the first two occasions but failed to submit any resolution plans.

The RP proceeded to issue a Form G for the 3rd time with the leave of the Adjudicating Authority.

The appellant submitted its Eol for a third time, and the RP released its final list of PRAs, in which both the appellant and the 3rd respondent figured.

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## Issues and analysis

### Issue 1: Whether the appellant has locus standi to challenge the decision of the CoC to approve the …

**Ratio:** A PRA enters the scene only from the time it submits its Expression of Intent to

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**Reasoning:** The appellant failed to submit its resolution plan within the stipulated time and

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**Interpretation:** The appellant's failure to submit a resolution plan indicates a lack of

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**Application:** The appellant's appeal is

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## Parties

- **Judges:** N. Sesha…; Arun Ba…
- **Appellants:** Astral Agro…
- **Respondents:** Megi Agro Chem…; Vakati Balasubrama…; +2 more
- **Other parties:** Akhil Rishi…; Kumkum Kamalesh…
- **Advocates:** Amey Ha…; Abhira…; +1 more

## Timeline

- **2025-11-18 — Judgement…**: Date of the judgement passed by the…
- **2025-01-09 — Order Da…**: Date of the order passed by the Adjudicating Authority (National Company Law Tribunal,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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