# Astral Agro Ventures vs. Vakati Balasubramanyam Reddy & Ors.

> NCLAT judgment dated 18 Nov 2025. Citation: TCN-2025-NCLAT-00600. The appeal is preferred by a Prospective Resolution Applicant (PRA) challenging an order by…

- **Court:** NCLAT
- **Order date:** 18 Nov 2025
- **Citation:** TCN-2025-NCLAT-00600
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/astral-agro-ventures-vs-vakati-balasubramanyam-reddy-ors-75c11d54

## Summary

### Background

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.

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether a PRA who has not submitted a resolution plan has the locus standi to challenge the …

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

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**Reasoning:** The court relies on Arcelor Mittal Vs Satish Kumar Gupta [(2019)2 SCC 1] and the concept

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**Interpretation:** The court interprets the IBC to mean that while the process is aimed at

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**Application:** The appellant, having failed to submit a resolution plan, does not have the

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## Parties

- **Judges:** N. Sesha…; Arun Ba…
- **Appellants:** Astral Agro…
- **Respondents:** Megi Agro Chem…; Vakati Balasubrama…; +2 more
- **Other parties:** Insolvency and…; Corporate…; +5 more

## Timeline

- **2025-11-18 — Order Da…**: Order issued by the NCLAT…
- **2025-01-09 — Order of Adjudicating…**: Order passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench)…

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