The case involves the Corporate Insolvency Resolution Process (CIRP) of Saalim Shoes Private Limited, initiated on 22.09.2020. A resolution plan was approved on 20.09.2023, envisaging a total repayment of Rs. 170 Crores. The Successful Resolution Applicants (SRAs) failed to implement the plan, leading to the current proceedings.
CIRP initiated for Saalim Shoes Private Limited on 22.09.2020.
Resolution Plan approved on 20.09.2023, envisaging Rs. 170 Crores repayment.
Successful Resolution Applicants (SRAs) failed to make upfront payment of Rs. 21.61 Crores within 90 days.
Mr. Aejaz Ahmed Tarkathi, a proposed investor, backed out due to medical reasons.
Dispute arose regarding Rs. 19 Crores received by IOB from ECGC during CIRP.
IOB rejected the One Time Settlement (OTS) offer made by SRAs.
Financial Creditor requested liquidation due to failure of implementation of the Resolution Plan.
The Tribunal directed liquidation of Saalim Shoes Private Limited.
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Corporate Ins…
Resolution…
The case involves the Corporate Insolvency Resolution Process (CIRP) of Saalim Shoes Private Limited, initiated on 22.09.2020. A resolution plan was approved on 20.09.2023, envisaging a total repayment of Rs. 170 Crores. The Successful Resolution Applicants (SRAs) failed to implement the plan, leading to the current proceedings.
CIRP initiated for Saalim Shoes Private Limited on 22.09.2020.
Resolution Plan approved on 20.09.2023, envisaging Rs. 170 Crores repayment.
Successful Resolution Applicants (SRAs) failed to make upfront payment of Rs. 21.61 Crores within 90 days.
Mr. Aejaz Ahmed Tarkathi, a proposed investor, backed out due to medical reasons.
Dispute arose regarding Rs. 19 Crores received by IOB from ECGC during CIRP.
IOB rejected the One Time Settlement (OTS) offer made by SRAs.
Financial Creditor requested liquidation due to failure of implementation of the Resolution Plan.
The Tribunal directed liquidation of Saalim Shoes Private Limited.
Corporate Ins…
Resolution…