# In the matter of Indosolar Limited IA No. 4474-2020 in C.P. IB-1481-PB-2018

> NCLT judgment dated 2022-04-21. Citation: TCN-2022-NCLT-03140. The case pertains to the approval of a Resolution Plan for M/s. Indosolar Limited, a corporate…

- **Court:** NCLT
- **Order date:** 21 Apr 2022
- **Citation:** TCN-2022-NCLT-03140
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indosolar-limited-ia-no-4474-2020-in-cp-ib-1481-pb-2018-55cd3d03

## Summary

### Background

The case pertains to the approval of a Resolution Plan for M/s. Indosolar Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Corporation Bank, the sole financial creditor. The Resolution Professional (RP), Mr. Gulshan Gaba, sought approval of the Resolution Plan approved by the Committee of Creditors (CoC). The corporate debtor's manufacturing operations were closed since May 2018, and most employees stopped reporting to work since September 2018. The Resolution Plan involved restructuring of capital, reduction of public shareholding, and infusion of funds by the Resolution Applicant, Waaree Energies Limited.

## Facts

M/s. Indosolar Limited, a company engaged in manufacturing high-efficiency premium solar cells and modules, underwent CIRP initiated by Corporation Bank, the sole financial creditor. The company's manufacturing operations ceased in May 2018, with most employees ceasing work in September 2018. The CIRP commenced on 12.04.2019. The Resolution Professional (RP), Mr. Gulshan Gaba, sought approval for a Resolution Plan approved by the Committee of Creditors (CoC). The CoC included Bank of Baroda, Corporation Bank, ARCL, and Union Bank of India. The RP received multiple claims, including those from financial creditors totaling approximately Rs. 2138 crore. The Resolution Plan, submitted by Waaree Energies Limited, proposed an investment of Rs. 189.793 crore, including

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Waaree Energies Limited meets the requirements of Section …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, outlines the mandatory

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complied with each

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

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**Application:** The Adjudicating Authority found that the Resolution Plan met the requirements

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Corporatio…
- **Respondents:** INDOSOLAR L…; M/S. INDOSOLAR…

## Timeline

- **2005-04-08 — Incorporation of…**: M/s INDOSOLAR LIMITED…
- **2018-05-01 — Closure of Manufacturing…**: Manufacturing operations of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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