CIRP timelines and eligibility rules bar a delayed resolution plan from a non-listed prospective resolution applicant.

Under the CIRP framework, consideration of a resolution plan is confined to persons included in the final list of prospective resolution applicants, and the timelines notified in Form G must be strictly followed. A resolution applicant whose name was not in that list could not be permitted to file a delayed expression of interest or submit a resolution plan beyond the prescribed timetable. Permission to accept such a late submission was therefore unsustainable, and the matter was to proceed in accordance with law before the Committee of Creditors.

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Issues: Whether a resolution applicant whose name did not figure in the final list of prospective resolution applicants could be permitted to submit a delayed expression of interest and resolution plan beyond the timelines fixed in Form G.

Analysis: The applicable CIRP framework requires strict adherence to the timelines notified in Form G and restricts consideration of resolution plans to persons whose names appear in the final list of prospective resolution applicants. The order allowing a delayed EOI and subsequent plan could not stand in the face of these regulatory limits. The proper course, after setting aside such permission, was to leave it to the Committee of Creditors to proceed further in accordance with law.

Conclusion: The late EOI and proposed resolution plan could not be accepted, and the impugned order was unsustainable.

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