Prospective Resolution Applicant doesn’t have vested right to challenge approved resolution plan

Astral Agro Ventures Vs Vakati Balasubramanyam Reddy (NCLAT Delhi) NCLAT Delhi held that Prospective Resolution Applicant or unsuccessful Resolution Applicant doesn’t have vested right to challenge a resolution process or an approved resolution plan. Accordingly, appeal is dismissed. Facts- CIRP proceedings were initiated against Megi Agro Chem Ltd. This appeal is preferred by a Prospective Resolution Applicant (PRA) challenging an order the Adjudicating Authority (NCLT-V, Mumbai) dismissing its application, which it had taken out for the rejection of resolution plan submitted by the thi...