# In the matter of XL Energy Limited

> NCLT judgment dated 2024-01-04. Citation: TCN-2024-NCLT-03317. 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-03317
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/xl-energy-limited-824204a3

## 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 (CP (IB) No. 16/7/HDB/2023) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, Dhanadeep Consultants Pvt. Ltd., sought directives from the NCLT to compel the Resolution Professional and Committee of Creditors (CoC) to accept its resolution plan, condone delays in submission, and call a CoC meeting for consideration. The applicant claims that despite submitting an Expression of Interest (EoI) and earnest money deposit (EMD), access to the data room was delayed, hindering the formulation of a compliant resolution plan within the stipulated timeline. The Resolution Professional

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## Facts

Invent Assets Securitization and Reconstruction Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against XL Energy Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT admitted XL Energy Limited into CIRP on 2023-03-27. Dhanadeep Consultants Pvt. Ltd. submitted an Expression of Interest (EoI) and paid an earnest money deposit (EMD) of Rs. 5,00,000. The Resolution Professional published Form-G on 2023-09-08, setting 2023-09-22 as the deadline for EoI submission. Dhanadeep Consultants submitted its EoI on 2023-09-22. The final list of Prospective Resolution Applicants (PRAs) was issued on 2023-09-30, with Dhanadeep Consultants listed at serial No. 8. Access to the data room was granted to Dhanadeep Consultants on

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## Issues and analysis

### Issue 1: Whether the applicant was afforded adequate opportunity to submit a resolution plan in compliance …

**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) focuses on ensuring that

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**Application:** In this case, the NCLT found that the applicant was given access to the data

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** DHANADEEP…
- **Respondents:** XL Energy L…

## Timeline

- **2023-03-27 — CIRP Admi…**: XL Energy Limited admitted into Corporate…
- **2023-09-08 — Form-G Publ…**: Form-G inviting Expression…

## 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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