# Approval of Resolution Plan - Taxus Infrastructure And Power Projects Private Limited

> NCLT judgment dated 2024-12-12. Citation: TCN-2024-NCLT-00062. The case involves the approval of a resolution plan for Taxus Infrastructure & Power Projects…

- **Court:** NCLT
- **Order date:** 12 Dec 2024
- **Citation:** TCN-2024-NCLT-00062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-taxus-infrastructure-and-power-projects-private-limi-55fd9cbd

## Summary

### Background

The case involves the approval of a resolution plan for Taxus Infrastructure & Power Projects Pvt. Ltd. under the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the IBC by Indian Renewable Energy Development Agency Ltd. (IREDA). The CIRP commenced on October 10, 2022. The Resolution Professional (RP) took various steps, including public announcements, constitution of the Committee of Creditors (CoC), and inviting expressions of interest from prospective resolution applicants (PRAs). Several rounds of negotiations and modifications to the resolution plan occurred, with IREDA being the sole secured financial creditor initially. Waaree Energies Ltd.'s claim as a

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## Facts

The Indian Renewable Energy Development Agency Ltd. (IREDA) initiated Corporate Insolvency Resolution Process (CIRP) against Taxus Infrastructure & Power Projects Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on October 10, 2022. Darshan Singh Anand was appointed as the Resolution Professional (RP). The RP took steps to constitute the Committee of Creditors (CoC), which initially comprised IREDA as the sole secured financial creditor. Waaree Energies Ltd.'s claim as a financial creditor was initially rejected by the RP but later admitted following an order from the NCLT. This decision was challenged by IREDA. Several prospective resolution applicants (PRAs) expressed interest, and after multiple rounds of

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Sunrise Industries meets the requirements of Section …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements that a resolution plan must

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**Reasoning:** The court examined the resolution plan and found that it complied with the requirements

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**Interpretation:** Section 30(2) of the IBC is interpreted as setting out the minimum standards

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**Application:** The court applied the requirements of Section 30(2) of the IBC to the specific

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## Parties

- **Judges:** Sh. Ashok Kumar…; SUBRATA KUM…
- **Appellants:** Indian Renewable…
- **Respondents:** M/s Taxus…

## Timeline

- **2022-10-10 — CIRP Commen…**: CIRP commenced qua the…
- **2022-10-12 — Public Annou…**: Initial public announcement in Form A calling…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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