2026 (5) TMI 20

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.... R5 ORDER Heard Ld. Counsel for Appellant and Ld. Counsels appearing for Respondent No. 1, CoC & Respondent No. 5. 2. This Appeal has been filed against the order dated 18/03/2026, by which I.A. 362/2026 filed by the Respondent No. 5 has been allowed by the Adjudicating Authority. In the Application filed by Respondent No. 5, following prayers were made : "a) to pass an order setting aside and/or quashing the impugned decision taken by the Resolution Professional by his rejection email dated 15/03/2026 and/or b) to pass an order allowing the applicant to participate in the Corporate Insolvency Resolution Process of the Corporate Debtor herein as a Prospective Resolution Applicant in accordance with law; and/or ....

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....ellant is that Respondent No. 5 was not included either in the provisional list of in the final list, and hence the Expression of Interest was not considered, but the Application has been allowed by the impugned order and the Adjudicating Authority has condoned the delay in submission of LOI. Paragraph 10 of the order is as follows : "10. Therefore, in the interest of justice and all the stakeholders, we condone delay in submission of LOI and subsequently resolution plan. The timelines should be adhered by the applicant which includes submission of EOI as well as Resolution Plan and the entire process be completed before 03.04.2026." 5. Ld. Counsel for Appellant submitted that when the Resolution Application is not included in t....