# In the matter of Hiranmaye Energy Limited

> NCLT judgment dated 2024-05-24. Citation: TCN-2024-NCLT-01282. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Hiranmaye…

- **Court:** NCLT
- **Order date:** 24 May 2024
- **Citation:** TCN-2024-NCLT-01282
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hiranmaye-energy-limited-fa9689dd

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Hiranmaye Energy Limited. The appellant, Power Trust, sought to submit a settlement proposal to the first respondent, Hiranmaye Energy Limited, following permission granted by the Hon'ble Apex Court. The petitioner has given a detailed settlement agreement in regard to the dues of INR 1,101.56 Crores. The Resolution Professional (RP) was directed to place the settlement proposal before the Committee of Creditors (CoC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Hiranmaye Energy Limited. Power Trust, the promoter of Hiranmaye Energy Limited, sought to submit a settlement proposal to the first respondent. The Hon'ble Apex Court permitted the appellant to submit a settlement proposal. The petitioner submitted a detailed settlement agreement regarding dues of INR 1,101.56 Crores. The promoter proposed to deposit INR 75 Crores upfront, with the balance of INR 1026.56 Crores to be paid upfront within ninety working days. The corporate debtor's financial performance was highlighted, including profits of INR 259.94 crores and INR 308.03 crores for the financial years 2021-2022 and 2022-23, respectively. The corporate debtor also had a subsisting Power Purchase

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## Issues and analysis

### Issue 1: Whether the settlement proposal submitted by Power Trust on behalf of Hiranmaye Energy Limited …

**Ratio:** The Hon'ble Apex Court's permission for the appellant to submit a settlement proposal

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**Reasoning:** The court reasoned that since the Apex Court granted permission for the settlement

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**Interpretation:** The Apex Court's order indicates a willingness to explore settlement

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**Application:** The court directed the RP to place the settlement proposal before the CoC for

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Power T…
- **Respondents:** HIRANMAYE ENERGY…; REC Lim…

## Timeline

- **2024-05-24 — Hearing…**: Attendance-cum-order sheet of…
- **2024-05-03 — Apex Court…**: Hon'ble Apex Court permitted the Appellant / Power Trust to submit a proposal for…

## 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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