The electronic structure of carbon shells of carbon encapsulated iron nanoparticles carbon encapsulated Fe@C has been studied by X-ray resonant emission and X-ray absorption spectroscopy. The recorded spectra have been compared to the density functional calculations of the electronic structure of graphene. It has been shown that an Fe@C carbon shell can be represented in the form of several graphene layers with Stone-Wales defects. The dispersion of energy bands of Fe@C has been examined using the measured C Ka resonant X-ray emission spectra.