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Backup of Virtual Machine performed with "Enable Instant Recovery for all virtual machines, even those not eligible for GRT" option enabled and GRT option disabled as shown in screenshot below will add VM with monitor icon in Backup Exec.
 

Instant recovery (IR) of a Virtual Machine (VM) needs VM container to be present under Backup and Restore tab in Backup Exec.

If GRT option is enabled in the VM backup then VM container is created under Backup and Restore tab for GRT restores. However for non GRT backups VM container is not added in Backup Exec since there is no option of GRT restore of VM data. 

With the addition of new feature of "Instant Recovery for non GRT VM's" in Backup Exec 20.1, VM container gets added even for non GRT VM backups. 

Backup performed with "Enable Instant Recovery for all virtual machines, even those not eligible for GRT" option selected adds VM container with monitor icon as shown above. IR of the VM can be performed using this VM container.

Note: The backups ran with this checkbox selected (and GRT disabled) will create an IMG folder as is created in case of a GRT backup in the backup destination.