# In the matter of SAALIM SHOES PRIVATE LIMITED

> NCLT judgment dated 2025-09-26. Citation: TCN-2025-NCLT-01434. The case involves the Corporate Insolvency Resolution Process (CIRP) of Saalim Shoes Private…

- **Court:** NCLT
- **Order date:** 26 Sept 2025
- **Citation:** TCN-2025-NCLT-01434
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/saalim-shoes-private-limited-3eae3750

## Summary

### Background

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.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the non-implementation of the Resolution Plan by the SRA necessarily leads to the …

**Ratio:** The Hon'ble Supreme Court in the case of Kridhan Infrastructure Private Limited v.

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**Reasoning:** The Tribunal relied on the Supreme Court's observations regarding the necessity of timely

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**Interpretation:** The Tribunal interpreted Section 33(3) of the IBC, 2016, in light of the

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**Application:** The Tribunal applied this interpretation to the facts of the case, noting that

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Spectra K…; Monitoring…
- **Respondents:** Saalim Shoes Pvt…; Aejaz Ahmed…; +6 more
- **Other parties:** S R Shriraam…
- **Advocates:** Ramasamy Ma…; Dhanya Dhi…; +1 more

## Timeline

- **2020-09-22 — CIRP Init…**: Corporate Insolvency…
- **2023-09-20 — Resolution Plan…**: Resolution Plan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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