The appeal is preferred by a Prospective Resolution Applicant (PRA) challenging an order by the Adjudicating Authority (NCLT-V, Mumbai) that dismissed its application. The application was related to the rejection of a resolution plan submitted by the third respondent, as the SRA was considered ineligible to participate in the resolution process under Section 29A of the IBC.
CIRP proceedings were initiated against Megi Agro Chem Ltd.
On admission of the CD to CIRP, the first respondent was appointed as the Resolution Professional.
The RP issued Form-G at least thrice, as the first two attempts at the insolvency resolution process were unsuccessful.
The appellant submitted EOIs on the first two occasions but did not submit any resolution plans.
The RP issued a Form G for the third time.
The RP released a final list of PRAs, including both the appellant and the 3rd respondent.
The 3rd respondent submitted its resolution plan within the stipulated time.
The appellant sought a 15-day extension of time to submit its resolution plan on 04.09.2023.
The CoC granted the appellant time until 13.09.2023.
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The appeal is preferred by a Prospective Resolution Applicant (PRA) challenging an order by the Adjudicating Authority (NCLT-V, Mumbai) that dismissed its application. The application was related to the rejection of a resolution plan submitted by the third respondent, as the SRA was considered ineligible to participate in the resolution process under Section 29A of the IBC.
CIRP proceedings were initiated against Megi Agro Chem Ltd.
On admission of the CD to CIRP, the first respondent was appointed as the Resolution Professional.
The RP issued Form-G at least thrice, as the first two attempts at the insolvency resolution process were unsuccessful.
The appellant submitted EOIs on the first two occasions but did not submit any resolution plans.
The RP issued a Form G for the third time.
The RP released a final list of PRAs, including both the appellant and the 3rd respondent.
The 3rd respondent submitted its resolution plan within the stipulated time.
The appellant sought a 15-day extension of time to submit its resolution plan on 04.09.2023.
The CoC granted the appellant time until 13.09.2023.
…Order issued by the…
Order passed by the Adjudicating Authority…
Sign in to view related legal provisions.