# In the matter of XL Energy Limited

> NCLT judgment dated 2024-01-04. Citation: TCN-2024-NCLT-03312. The case involves an application (IA (IBC)/1924/2023) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 4 Jan 2024
- **Citation:** TCN-2024-NCLT-03312
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/xl-energy-limited-709f6d45

## Summary

### Background

The case involves an application (IA (IBC)/1924/2023) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against XL Energy Limited. The applicant, Dhanadeep Consultants Pvt. Ltd., sought directives from the NCLT to compel the Resolution Professional and Committee of Creditors (CoC) to accept their resolution plan, condone delays in its submission, and call a CoC meeting for its consideration. The application arose because the applicant faced delays in accessing the data room, which they claimed hindered their ability to formulate a compliant resolution plan within the stipulated timeframe. The Financial Creditor, Invent Assets Securitization and Reconstruction Pvt. Ltd., had initiated the CIRP under Section 7 of the Insolvency and

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## Facts

On 27.03.2023, XL Energy Limited was admitted into Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Invent Assets Securitization and Reconstruction Pvt. Ltd. Dhanadeep Consultants Pvt. Ltd. submitted an Expression of Interest (EoI) and was listed as a Prospective Resolution Applicant (PRA). The Resolution Professional published Form-G on 08.09.2023, setting 22.09.2023 as the deadline for EoI submission. Dhanadeep submitted its EoI on 22.09.2023, including an Earnest Money Deposit (EMD) of Rs. 5,00,000. The final list of PRAs was issued on 30.09.2023, with Dhanadeep listed at serial No. 8. Access to the data room was granted to Dhanadeep on 27.10.2023, which they claimed was delayed.

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## Issues and analysis

### Issue 1: Whether the delay in providing access to the data room to the applicant, Dhanadeep Consultants Pvt. …

**Ratio:** Regulation 36B (1) & (3) of the CIRP Regulations mandates that the Resolution

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**Reasoning:** The NCLT observed that the Resolution Professional provided the RFRP and granted data

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**Interpretation:** The interpretation of Regulation 36B (1) & (3) is that the Resolution

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**Application:** In this case, the NCLT found that while there was a delay in providing access

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** DHANADEEP…
- **Respondents:** XL Energy L…

## Timeline

- **2023-03-27 — Admission in…**: XL Energy Limited was admitted into…
- **2023-08-09 — Form-G Publ…**: Form-G inviting Expression of Interest was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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