Whether Prospective Resolution Applicant is an Aggrieved Party to file appeal under Section 61 of IBC to challenge an order of NCLT allowing Erstwhile Promoter/ Director of the Corporate Debtor to submit Resolution Plan in CIRP – Meir Commodities India Pvt. Ltd. Prospective Resolution Applicant of NCS Sugars Ltd. Vs. Mr. Narayanam Nageswara Rao and Ors. – NCLAT Chennai
Hon’ble NCLAT observes that there is no material right which is prejudiced by passing of the Impugned Order by the Adjudicating Authority, which could give him a cause to challenge the same by invoking Section 61 of the I & B Code, 2016, and that too, in the status of being a Prospective Resolution Applicant, where he has only expressed his interest to submit the Resolution Proposal and has not even reached the stage of submitting Resolution Proposal. The Appellant does not have any cause of action, as such, as against the Impugned Order, in the status of his being a Prospective Resolution Applicant.