Supreme Court - Daily Orders
State Bank Of India vs M/S. Accord Life Spec Private Limited ... on 28 February, 2020
Bench: Rohinton Fali Nariman, S. Ravindra Bhat
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IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 9036 OF 2019
STATE BANK OF INDIA Appellant(s)
VERSUS
M/S. ACCORD LIFE SPEC PRIVATE LIMITED THROUGH
DIRECTOR & ORS. Respondent(s)
O R D E R
Application for impleadment is dismissed as withdrawn. 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.
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 vs. Padmanabhan Venkatesh & Ors. 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 Signature Not Verified Digitally signed by SUSHMA KUMARI BAJAJ value arrived at in the manner provided in Clause Date: 2020.03.02 35 of the Insolvency and Bankruptcy Board of 17:03:07 IST Reason:
India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This point 2 has been dealt with in the case of Essar Steel (supra). We have quoted about the relevant passages from this judgment.” Accordingly, the appeal is allowed and the judgment of the NCLAT is set aside.
.......................... J. (ROHINTON FALI NARIMAN) .......................... J. (S. RAVINDRA BHAT) New Delhi;
February 28, 2020.
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ITEM NO.49 COURT NO.4 SECTION XVII
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Civil Appeal No(s). 9036/2019
STATE BANK OF INDIA Appellant(s)
VERSUS
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. CORAM : HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN HON'BLE MR. JUSTICE S. RAVINDRA BHAT 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 O R D E R Application for impleadment is dismissed as withdrawn. The appeal is allowed in terms of the signed order. Pending applications, if any, stand disposed of.
(R. NATARAJAN) (NISHA TRIPATHI) AR-cum-PS BRANCH OFFICER
(Signed order is placed on the file)