(Rohinton Fali Nariman and S. Ravindra Bhat, JJ.)
State Bank of India _________________________________ Appellant;
v.
Accord Life SPEC Private Limited Through Director and Others ______________________________________________ Respondent(s).
Civil Appeal No. 9036 of 2019, decided on February 28, 2020
The Order of the court was delivered by
Order
1. Application for impleadment is dismissed as withdrawn.
2. The impugned judgment dated 13.11.2019 has remitted the matter to the NCLT after a finding that under Section 30(2) of the Insolvency and Bankruptcy Code together with the principle of maximization of assets of the corporate debtor, a resolution plan which is lesser than liquidation value cannot be accepted.
3. As a matter of law, this judgment has to be set aside in view of our recent judgment dated 22.01.2020 in Civil Appeal No. 4242 of 2019 entitled Maharashtra Seamless Limited v. Padmanabhan Venkatesh in which this Court has categorically held as under:
“26. No provision in the Code or Regulations has been brought to our notice under which the bid of any Resolution Applicant has to match liquidation value arrived at in the manner provided in Clause 35 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This point has been dealt with in the case of Essar Steel (supra). We have quoted about the relevant passages from this judgment.”
4. Accordingly, the appeal is allowed and the judgment of the NCLAT is set aside.
Civil Appeal No(s). 9036/2019
State Bank of India _________________________________ Appellant
v.
M/s. Accord Life SPEC Private Limited Through Director & Ors _______________________________________________ Respondent(s)
(IA No. 180177/2019-STAY APPLICATION)
Date : 28-02-2020 This matter was called on for hearing today.
(Before Rohinton Fali Nariman and S. Ravindra Bhat, JJ.)
For Appellant(s) Mr. Mukul Rohatgi, Sr. Adv.
Mr. Sanjay Kapur, AOR
Mr. V.M. Kannan, Adv.
Ms. Shubhra Kapur, Adv.
For Respondent(s) Mr. K.V. Viswanathan, Sr. Adv.
Mr. P.V. Dinesh, AOR
Ms. Sindhu T.P., Adv.
Mr. Ashwini Kumar Singh, Adv.
Mr. Mukund P. Unny, adv.
Mr. Bineesh K., Adv.
Mr. Akshat Goel, AOR
Ms. Rohini Musa, AOR
Mr. Manoj Menon, Adv.
Mr. Ravi Raghunath, Adv.
Mr. Raghav Rajeev Menon, Adv.
Anindita Mitra, AOR
UPON hearing the counsel the Court made the following
ORDER
5. Application for impleadment is dismissed as withdrawn.
6. The appeal is allowed in terms of the signed order.
7. Pending applications, if any, stand disposed of.
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