Interim relief on Form G denied; EOI process may continue but resolution plans must be kept sealed pending eligibility reconsideration.

Interim relief to set aside or stay Form G was refused; the insolvency resolution professional may continue inviting and finalising expressions of interest and related pre plan exercises, but any received resolution plans must not be opened or placed before the committee of creditors until further orders, thereby preserving the applicant's entitlement to have eligibility under Section 29A reconsidered on the listed date. The balance of prejudice to stakeholders justified allowing ongoing CIRP activities while protecting the applicant's right to challenge eligibility.

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Issues: (i) Whether interim relief should be granted to set aside or stay the Form-G (invitation for expression of interest) and to restrain further steps pursuant thereto pending reconsideration of the applicant's eligibility under Section 29A of the Insolvency and Bankruptcy Code, 2016.

Analysis: The Tribunal reviewed the appellate order which held the applicant ineligible and directed issuance of fresh Form-G, the Supreme Court order permitting the applicant to point out factual errors before the Tribunal, and the subsequent directions permitting the applicant to file replies with listing for hearing. The record shows that the IRP has completed the stage of receiving EOIs and has fixed a last date for receipt of resolution plans; the Tribunal afforded a dates for filing replies and rejoinder and listed the matter for hearing. Balancing the prejudice to stakeholders and the utility of ongoing CIRP activities, the Tribunal permitted the IRP to continue finalisation of EOIs and related exercises but prohibited opening any received resolution plans or placing them before the committee of creditors without further direction of the Tribunal, preserving the applicant's entitlement to have eligibility reconsidered on the scheduled date.

Conclusion: Interim relief to set aside or stay Form-G and to restrain all further steps was not granted; the IRP is permitted to continue EOI-related processes but any received resolution plans shall not be opened or placed before the committee of creditors until further orders of the Tribunal. The result is against the appellant and in favour of the respondent.

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