# 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-02641. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Noble…

- **Court:** NCLT
- **Order date:** 19 Mar 2021
- **Citation:** TCN-2021-NCLT-02641
- **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-b41b1fab

## Summary

### Background

The case involves a 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), a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered due to the corporate debtor's inability to meet its financial obligations. The Adjudicating Authority admitted the application and appointed an Interim Resolution Professional (IRP), who was later replaced by Mr. Giridhari Lal Sharma as the Resolution Professional (RP). The RP then constituted a Committee of Creditors (CoC) comprising IREDA and Canara Bank. The CoC explored various resolution options, including an OTS (One-Time Settlement)

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## Facts

1. Indian Renewable Energy Development Agency Limited (IREDA) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Noble Ispat & Energies Limited.
2. The Adjudicating Authority admitted the application and appointed Mr. Rajendra Prasad Tak as the Interim Resolution Professional (IRP).
3. Mr. Giridhari Lal Sharma was later appointed as the Resolution Professional (RP) replacing the IRP.
4. The RP constituted a Committee of Creditors (CoC) consisting of Canara Bank (83.15% voting share) and IREDA (16.85% voting share).
5. The RP made a public announcement inviting claims from creditors.
6. The CoC approved the appointment of valuers for the assets of the Corporate

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. SLD Steels Private Limited for M/s. Noble Ispat & …

**Ratio:** Section 31(1) of the IBC stipulates that a resolution plan approved by the Committee of

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

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**Interpretation:** Section 31(1) mandates that the Adjudicating Authority must be satisfied that

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**Application:** The Adjudicating Authority, upon reviewing the Resolution Plan, found that it

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## Parties

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

## Timeline

- **2019-01-01 — Initiation…**: IREDA filed an application under Section 7 of the IBC to initiate CIRP against Noble…
- **2019-08-26 — Admission of Ap…**: The Adjudicating Authority admitted the application and appointed Mr. Rajendra Prasad Tak…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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