GMAT Sentence Correction (SC) | RAGCT Day 14: At nearly 38 million dollars, one

Hey Guyz,

I understand why A,D and E are wrong and why B is correct. But, i have doubts in C, which i need some help with.

(C) The delegate’s 38-million-dollar proposal, which was ultimately not rejected on account of its sizable budget but on account of its riskiness,had actually been one of the less costly options being considered.

Many of us pointed that there are no two past actions presented and that is why'had' is incorrectly used. I look at it differently and hence am confused. Below
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