# In the matter of Noble Ispat & Energies Limited I.A> No. 454 of 2020 in C.P. (IB) No. 137-BB-2019

> NCLT judgment dated 2021-03-19. Citation: TCN-2021-NCLT-02638. The case involves Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Noble…

- **Court:** NCLT
- **Order date:** 19 Mar 2021
- **Citation:** TCN-2021-NCLT-02638
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/noble-ispat-energies-limited-ia-no-454-of-2020-in-cp-ib-no-137-bb-2019-3a2245ba

## Summary

### Background

The case involves Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Noble Ispat & Energies Limited based on an application filed by Indian Renewable Energy Development Agency Limited (IREDA) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated, and an Interim Resolution Professional (IRP) was appointed. Subsequently, Shri Giridhari Lal Sharma was appointed as the Resolution Professional (RP) replacing the existing IRP. The Committee of Creditors (CoC) was formed, consisting of Canara Bank and IREDA. The CoC approved a resolution plan submitted by M/s. SLD Steels Private Limited, which was then presented to the Adjudicating Authority for approval.

## Facts

Indian Renewable Energy Development Agency Limited (IREDA) initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Noble Ispat & Energies Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and an Interim Resolution Professional (IRP) was appointed, later replaced by Shri Giridhari Lal Sharma as the Resolution Professional (RP). Public announcement was made inviting claims from creditors. The Committee of Creditors (CoC) was formed, comprising Canara Bank and IREDA. The RP invited resolution plans, and M/s. SLD Steels Private Limited submitted a plan that was approved by the CoC with 100% voting share. The approved resolution plan included provisions for payments to financial creditors, working

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. SLD Steels Private Limited complies with the …

**Ratio:** Section 31(1) of the IBC stipulates that for a resolution plan to be approved, it must

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complied with

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**Interpretation:** Section 31(1) mandates that a resolution plan must adhere to the conditions

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by M/s. SLD

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Indian Renewable…
- **Respondents:** Noble Ispat &…

## Timeline

- **2019-08-26 — Order for CIRP…**: The Adjudicating Authority admitted the application for initiating CIRP against M/s.…
- **2019-09-07 — Public Annou…**: The Interim Resolution Professional made a public announcement inviting claims from…

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