# 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-03148. The case pertains to an application filed under Section 30(6) and 31 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 21 Apr 2022
- **Citation:** TCN-2022-NCLT-03148
- **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-2018-61ead058

## Summary

### Background

The case pertains to an application filed under Section 30(6) and 31 of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan for M/s Indosolar Limited, a corporate debtor, as approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Indosolar Limited vide order dated 12.04.2019. The Resolution Professional (RP) received 8 claims, including 4 from Financial Creditors totaling approximately Rs. 2138 crore. The RP received 3 Expressions of Interest (EoI), and ultimately, the CoC approved the Resolution Plan submitted by Waaree Energies Limited with 100% voting in its 14th meeting held on 14.02.2020.

## Facts

M/s Indosolar Limited, the corporate debtor, is engaged in manufacturing high-efficiency premium solar cells and modules. Its manufacturing plant is located in Greater Noida, Uttar Pradesh. The company's shares are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Manufacturing operations have been closed since May 2018, and most employees stopped reporting to work in September 2018. The CIRP was initiated on 12.04.2019. Corporation Bank, the sole financial creditor, filed the application under Section 7 of the Code. The CIRP commenced from 12.04.2019. The Committee of Creditors (CoC) was duly constituted. The RP received 8 claims, including 4 from Financial Creditors totaling about Rs. 2138 crore. The RP received 3 Expressions of Interest

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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, specifies the requirements

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it complied with

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

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

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

## Timeline

- **2019-04-12 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor…
- **2019-04-12 — Moratorium…**: Moratorium order dated 12.04.2019…

## 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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