# In the matter of State Bank of India Vs. Accord Life Spec Private Limited Throught Director & Ors. Civil Appeal No(s). 9036-2019

> SC judgment dated 2020-02-28. Citation: TCN-2020-SC-00068. The case involves an appeal against a judgment that remitted the matter to the NCLT. The NCLT's…

- **Court:** SC
- **Order date:** 28 Feb 2020
- **Citation:** TCN-2020-SC-00068
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/state-bank-of-india-vs-accord-life-spec-private-limited-throught-director-ors-ci-2a98f57e

## Summary

### Background

The case involves an appeal against a judgment that remitted the matter to the NCLT. The NCLT's decision was based on Section 30(2) of the Insolvency and Bankruptcy Code, stating that a resolution plan lesser than the liquidation value cannot be accepted, aligning with the principle of maximizing the corporate debtor's assets.

## Facts

State Bank of India filed an appeal against M/S. Accord Life Spec Private Limited through Director & Ors. The NCLAT had remitted a matter to the NCLT based on the understanding that a resolution plan cannot be accepted if it is lesser than the liquidation value, citing Section 30(2) of the Insolvency and Bankruptcy Code. The Supreme Court, referring to its earlier judgment in Maharashtra Seamless Limited vs. Padmanabhan Venkatesh & Ors., noted that there is no provision in the Code or Regulations that requires a resolution applicant's bid to match the liquidation value. The application for impleadment was dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the NCLAT's judgment, which remitted the matter to the NCLT based on the requirement that a …

**Ratio:** There is no provision in the Insolvency and Bankruptcy Code or its regulations that

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**Reasoning:** The Supreme Court referred to its earlier judgment in Maharashtra Seamless Limited vs.

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code and its regulations

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**Application:** The ratio and reasoning were applied to the specific facts of the case, leading

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## Parties

- **Judges:** ROHINTON FALI…; S. Ravindr…
- **Appellants:** State Bank of…
- **Respondents:** M/S. ACCORD LIFE…
- **Advocates:** Mukul Ro…; Sanjay…; +10 more

## Timeline

- **2019-11-13 — Impugned Ju…**: The NCLAT remitted the matter to the NCLT after finding that a resolution plan lesser…
- **2020-01-22 — Reference J…**: The Supreme Court's judgment in Civil Appeal No. 4242 of 2019, Maharashtra Seamless…

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