# In the matter of Lanco Solar Energy Private Limited

> NCLT judgment dated 2023-04-24. Citation: TCN-2023-NCLT-03659. The case involves the Corporate Insolvency Resolution Process (CIRP) of Lanco Solar Energy…

- **Court:** NCLT
- **Order date:** 24 Apr 2023
- **Citation:** TCN-2023-NCLT-03659
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lanco-solar-energy-private-limited-a60b84be

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of Lanco Solar Energy Private Limited. Andhra Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, which was admitted by the Adjudicating Authority on 2019-06-14, initiating CIRP. The applicant, Parveen Bansal, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) and conducted multiple meetings to evaluate resolution plans. Several rounds of negotiations and discussions took place with prospective resolution applicants. The CoC approved a resolution plan submitted by Jitender Vir Singh and Derit Infrastructure Private Limited with a majority voting share

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## Facts

Andhra Bank initiated Corporate Insolvency Resolution Process (CIRP) against Lanco Solar Energy Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 2019-06-14. Parveen Bansal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) and conducted 27 meetings during the CIRP. The RP issued Form-G to invite Expression of Interests (EOIs) from prospective resolution applicants. The CoC rejected an initial EOI due to the expiry of the submission deadline and the complexity of the matter. Fresh Form-G was issued, and three prospective resolution applicants submitted plans: Manikaran Power

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Jitender Vir Singh and Derit Infrastructure Private …

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

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**Reasoning:** The NCLT reviewed the Resolution Plan to ensure it complied with Section 30(2) of the

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

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

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## Parties

- **Judges:** DR.VENKATA…; Satya Ranjan…
- **Appellants:** Andhra…
- **Respondents:** Lanco Solar…; Lanco Solar…
- **Advocates:** Mr.Vimal Varma…; K.V.Raman…

## Timeline

- **2018-01-01 — Company Petiti…**: Andhra Bank files CP(IB) No. 518/7/HDB/2018 under Section 7 of IBC against Lanco Solar…
- **2019-06-14 — Admission of…**: The Adjudicating Authority admits the petition and orders commencement of CIRP against…

## 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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