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2020 (5) TMI 207 - SCH - Insolvency and BankruptcyApproval of Resolution Plan which is lesser than liquidation value - matter remitted 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. HELD THAT:- This judgment has to be set aside in view of decision in the case of Maharashtra Seamless Limited vs. Padmanabhan Venkatesh & Ors. [2020 (1) TMI 903 - SUPREME COURT] in which this Court has categorically held that 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. The judgment of the NCLAT is set aside - appeal allowed.
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