# Approval of Resolution Plan - Saalim Shoes Private Limited

> NCLT judgment dated 2023-09-20. Citation: TCN-2023-NCLT-01528. The case pertains to IA/1212/CHE/2022 filed in IBA/1104/2019, concerning the Corporate…

- **Court:** NCLT
- **Order date:** 20 Sept 2023
- **Citation:** TCN-2023-NCLT-01528
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-saalim-shoes-private-limited-17650269

## Summary

### Background

The case pertains to IA/1212/CHE/2022 filed in IBA/1104/2019, concerning the Corporate Insolvency Resolution Process (CIRP) of Saalim Shoes Private Limited. The application was filed under Section 30(6) and Section 31(1) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan submitted by the successful resolution applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application filed by an Operational Creditor under Section 9 of IBC, 2016, in IBA/1104/2019. The Tribunal initiated the CIRP via an order dated 2020-09-22. The applicant was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP) in a COC meeting held on 2020-10-19.

## Facts

Saalim Shoes Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by an application from an Operational Creditor under Section 9 of the IBC, 2016. The CIRP was initiated by the Tribunal on 2020-09-22. The applicant was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The Corporate Debtor is an MSME with UDHAYAM Registration no: UDYAM-TN-30-0001589. The Committee of Creditors (CoC) was constituted on 2020-10-14. The final value of claims admitted was Rs. 188,14,44,568/-. The Successful Resolution Applicant (SRA) presented the Resolution Plan, which was unanimously approved by the CoC with 100% voting share. The Resolution Plan envisages a total repayment of Rs.170 Crores to all the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it met all the

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**Interpretation:** Section 30(2) is interpreted as setting a baseline standard for resolution

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**Application:** The Adjudicating Authority found that the Resolution Plan was in accordance

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** S R Shriraam…
- **Respondents:** Saalim Shoes…

## Timeline

- **2019-01-01 — IBA/1104…**: Application filed by an Operational…
- **2020-09-22 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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