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

> NCLT judgment dated 2024-12-12. Citation: TCN-2024-NCLT-00064. 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-00064
- **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-d26283ab

## 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 steps to manage the affairs of the corporate debtor, constituted a Committee of Creditors (CoC), and invited resolution plans. Several rounds of invitations for expression of interest and submission of resolution plans were conducted. Waaree Energies Ltd.'s claim as a financial creditor was initially rejected but later admitted by the NCLT, leading to 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 manage the affairs of the corporate debtor, constituted a Committee of Creditors (CoC), and invited resolution plans. Waaree Energies Ltd.'s claim as a financial creditor was initially rejected by the RP but later admitted by the NCLT. This decision was challenged by IREDA. Several rounds of invitations for expression of interest and submission of resolution plans were conducted. Ultimately, the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Sunrise Industries complies with the requirements of …

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

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**Reasoning:** The court examines the resolution plan to determine whether it complies with each of the

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

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**Application:** The court applies the requirements of Section 30(2) to the specific provisions

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** Indian Renewable…
- **Respondents:** M/s Taxus…

## Timeline

- **2022-10-10 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against Taxus…
- **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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