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2021 (3) TMI 629 - AT - Insolvency and BankruptcySeeking approval of Resolution Plan - non-compliant as regard the mandate of Section 30(2) of the Code, 2016 - HELD THAT:- Section 61(1) authorizes “any person aggrieved by the order of Adjudicating Authority under this part” can prefer an appeal before the Appellate Tribunal - The ‘part’ here refers to Part -II of the Code which comprises CIRP and Liquidation Process. Here what we observed that “any person aggrieved” comprises of stakeholders in the process of CIRP and Liquidation Process. The Appellant is stranger to the CIRP till 11th June, 2020. On 12.06.2020 the Appellant for the first time expressed its interest to submit a Resolution Plan for the Asian Colours Coated Ispat Ltd, this email was marked to all CoC members. No financial proposal was provided in the said letter. RP issued Form G initially on 01.10.2018, revised on 14th December 2018. EoI was received from 12 Resolution Applicants, out of which 11 were found eligible. Last date for receipt of Resolution plan was 08th March 2019. Only one resolution plan was received from successful Resolution Applicant, whereas Appellant has asked for EOI on 12th June 2020 when application seeking approval of Resolution Plan was already filed by RP on 10th July, 2019 under section 31 of Code after ‘Committee of Creditors’ (CoC) Approval on 28th June 2019 with 79.3% voting share. All this reflect that Appellant wanted to enter fray nearly one year after CoC approval of Resolution Plan; it neither qualifies as Resolution Applicant nor as prospective Resolution Applicant or successful or unsuccessful Resolution Applicant and hence cannot be termed as aggrieved party. Appellant may be termed as an outsider standing on the sidelines. Corporate Insolvency Resolution Process is time bound, value maximization has also to be in time-bound manner. Thus, Appellant is neither an aggrieved party in the process of CIRP nor he has a locus standi to file the appeal. Appeal is held to be not maintainable and Appellant has no locus to maintain it - appeal dismissed.
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