# State Bank of India vs. CMA Harshad Deshpande & Ors.

> NCLT judgment dated 2026-10-07. Citation: TCN-2026-NCLT-01250. State Bank of India (SBI), a secured financial creditor, filed applications challenging…

- **Court:** NCLT
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLT-01250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/a-a-estates-private-limited-k94rv

## Summary

### Background

State Bank of India (SBI), a secured financial creditor, filed applications challenging Resolution 7 passed by the Committee of Creditors (CoC) regarding the distribution of payments to dissenting financial creditors, and seeking rejection of the Resolution Plan submitted by the Consortium of Authum Investment & Infrastructure Limited & Cosmos Prime Projects Limited. SBI also sought an examination of the Resolution Professional's (RP) conduct and disputed the quantum of performance security and valuation reports. Homebuyers intervened, opposing the rejection of the Resolution Plan and disputing certain valuation reports.

## Facts

State Bank of India (SBI) filed IA (I.B.C)/480(MB)2026 on 28.01.2026, challenging Resolution 7 passed in the 37th CoC meeting held on 23.12.2025, concerning distribution to dissenting financial creditors.

SBI filed IA (I.B.C)/2536(MB)2026 on 15.06.2026, seeking rejection of the Resolution Plan by the Consortium of Authum Investment & Infrastructure Limited & Cosmos Prime Projects Limited and examination of the Resolution Professional's conduct.

IVN.P. (IBC) 95/2026 was filed on 07.07.2026 by homebuyers of units in RNA Grandeur and RNA Address, seeking to intervene in IA 2536/2026 to oppose the rejection of the Resolution Plan and to disregard certain valuation reports.

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## Issues and analysis

### Issue 1: Whether Resolution 7 adopted in 37th CoC meeting is in accordance with section 30(2)(b) of IBC, …

**Ratio:** Resolution No. 7, to the extent it caps the minimum payment to dissenting financial

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**Reasoning:** The Supreme Court in DBS Bank Ltd. v. Ruchi Soya Industries Ltd., Jaypee Kensington

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**Interpretation:** Section 30(2)(b) of the IBC establishes a statutory floor for payments to

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**Application:** Resolution No. 7, which sought to cap the payment to dissenting financial

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## Parties

- **Judges:** Shri. Prabhat…; Sushil Mahadeorao…
- **Appellants:** State Bank of…
- **Respondents:** M/s A. A. Estates…; CMA Harshad…; +10 more
- **Advocates:** Adv.Mr. Shyam…; Abha P…; +11 more

## Timeline

- **2022-12-06 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced on admission of a Section 7…
- **2023-08-28 — First Valuers…**: Resolution Professional appointed Mr. Kedar Chikodi and Mr. Raseek Bhagat as Registered…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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