# In the matter of Xl Energy Limited

> NCLT judgment dated 2025-05-02. Citation: TCN-2025-NCLT-00125. The case involves an application (IA (IBC)/1726/2024) filed by the Consortium of Ms. Karishma…

- **Court:** NCLT
- **Order date:** 2 May 2025
- **Citation:** TCN-2025-NCLT-00125
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/xl-energy-limited-890e06a8

## Summary

### Background

The case involves an application (IA (IBC)/1726/2024) filed by the Consortium of Ms. Karishma Jain, the Successful Resolution Applicant (SRA) of M/s. XL Energy Limited, seeking directions for the re-listing of the Corporate Debtor's (CD) shares. The Corporate Insolvency Resolution Process (CIRP) was initiated against XL Energy Limited following a Company Petition (CP (IB) No. 16/7/HDB/2023) filed by Invent Assets Securitisation and Reconstruction Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CD's shares were delisted prior to the CIRP due to non-compliance with Securities and Exchange Board of India (SEBI) regulations. The Resolution Plan proposed by the SRA included the re-listing of the CD's shares, which

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## Facts

The key facts are as follows: Invent Assets Securitisation and Reconstruction Private Limited initiated CIRP against XL Energy Limited under Section 7 of IBC. The NCLT admitted the CD into CIRP on 2023-03-27 and appointed Mr. Vijay Pitamber Lulla as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The Consortium of Ms. Karishma Jain emerged as the Successful Resolution Applicant (SRA) with 73.68% approval from the CoC. The RP filed IA (IBC) (Plan) No. 5 of 2024 under Section 31 of the IBC, seeking approval of the Resolution Plan, which was approved by the Authority on 2024-04-19. XL Energy Limited, the Corporate Debtor (CD), was a publicly listed company but had its equity shares compulsorily delisted for ten years due to

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## Issues and analysis

### Issue 1: Whether the Resolution Plan is binding on all …

**Ratio:** Once a Resolution Plan is approved by the Adjudicating Authority under Section 31(1) of

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**Reasoning:** The binding effect of the Resolution Plan is an essential facet of the IBC framework,

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**Interpretation:** The Resolution Plan, once approved, is not merely a procedural formality but a

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**Application:** In this case, the Resolution Plan approved by the NCLT is binding upon the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Consortium of Ms.…
- **Respondents:** XL Energy L…; National Stock…

## Timeline

- **2006-12-28 — Listing of…**: Equity shares of XL Energy Limited were…
- **2020-01-09 — Suspension of…**: Trading in the equity shares of XL Energy Limited was suspended due to non-compliance…

## 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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