# Approval of Resolution Plan - XL Energy Limitied

> NCLT judgment dated 2024-04-19. Citation: TCN-2024-NCLT-01666. The case involves an application (IA No. 5/2024) filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 19 Apr 2024
- **Citation:** TCN-2024-NCLT-01666
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-xl-energy-limitied-8ab0e28a

## Summary

### Background

The case involves an application (IA No. 5/2024) filed by the Resolution Professional (RP) of XL Energy Limited, seeking approval of a resolution plan submitted by the Consortium of Karishma Jain and Others. The Corporate Insolvency Resolution Process (CIRP) was initiated against XL Energy Limited following the admission of a Section 7 application by Invent Assets Securitisation and Reconstruction Pvt. Ltd. The CIRP commenced on March 27, 2023, with Mr. Vijay Pitambar Lulla appointed as the Interim Resolution Professional (IRP), later confirmed as the RP. The RP constituted a Committee of Creditors (COC) and invited Expression of Interests (EOIs) from prospective resolution applicants. After several extensions and negotiations, the COC approved the resolution plan

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## Facts

Invent Assets Securitisation and Reconstruction Pvt. Ltd. initiated CIRP against XL Energy Limited by filing an application under Section 7 of the IBC, which was admitted on 27.03.2023. Vijay Pitambar Lulla was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was issued on 01.04.2023, inviting claims from creditors. The RP constituted a Committee of Creditors (COC) comprising several financial creditors, with Invent Assets Securitisation & Reconstruction Pvt. Ltd. holding the largest voting share (70.33%). The RP conducted fifteen COC meetings during the CIRP. The RP invited Expression of Interest (EOI) and received four EOIs initially. After extending the deadline for resolution

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Consortium of Karishma Jain and Others meets the …

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

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**Reasoning:** The NCLT reviewed the resolution plan and found that it complied with the requirements of

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

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**Application:** The NCLT applied the requirements of Section 30(2) to the specific provisions

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** XL Energy L…; Invent Assets…

## Timeline

- **2023-03-27 — Commencement…**: CIRP commenced against XL Energy Limited following the admission of a Section 7…
- **2023-04-01 — Public Annou…**: Public announcement issued…

## 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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