  The Non-Commutative (NC) CP(1) model is studied from field theory
perspective. Our formalism and definition of the NC CP(1) model differs
crucially from the existing one \cite{nccp}. Due to the U(1) gauge invariance,
the Seiberg-Witten map is used to convert the NC action to an action in terms
of ordinary spacetime degrees of freedom and the subsequent theory is studied.
The NC effects appear as (NC parameter) $\theta $-dependent interaction terms.
The expressions for static energy, obtained from both the symmetric and
canonical forms of the energy momentum tensor, are {\it {identical}}, when only
spatial noncommutativity is present. Bogomolny analysis reveals a lower bound
in the energy in an unambiguous way, suggesting the presence of a new soliton.
However, the BPS equations saturating the bound are not compatible to the full
variational equation of motion. This indicates that the definitions of the
energy momentum tensor for this particular NC theory, (the NC theory is
otherwise consistent and well defined), are inadequate, thus leading to the
"energy crisis". A collective coordinate analysis corroborates the above
observations. It also shows that the above mentioned mismatch between the BPS
equations and the variational equation of motion is small.
