The case pertains to an application filed for the liquidation of United India Shoe Corporation Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-10-31. A resolution plan was approved by the Adjudicating Authority on 2019-12-18. The respondent failed to implement the approved resolution plan, making only partial payments. The State Bank of India, a secured financial creditor, authorized the applicant to file for liquidation.
The Corporate Insolvency Resolution Process (CIRP) for United India Shoe Corporation Pvt. Ltd. was initiated on 2018-10-31. Mr. S.S. Ravichandran was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) approved a resolution plan, which was subsequently approved by the Adjudicating Authority on 2019-12-18. According to the plan, the Respondent was required to make the entire payment within 45 days of the approval date. The resolution plan value was Rs. 12 Crore. However, the Respondent only paid Rs. 2.50 crore in three tranches and made no further payments. The Monitoring Committee discussed the non-implementation of the resolution plan on 2021-10-25. The State Bank of India (SBI), a secured financial creditor, authorized the
…Sign in to view the parties.
Corporate Insolvency Resolution Process…
The 1st meetin…
The case pertains to an application filed for the liquidation of United India Shoe Corporation Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-10-31. A resolution plan was approved by the Adjudicating Authority on 2019-12-18. The respondent failed to implement the approved resolution plan, making only partial payments. The State Bank of India, a secured financial creditor, authorized the applicant to file for liquidation.
The Corporate Insolvency Resolution Process (CIRP) for United India Shoe Corporation Pvt. Ltd. was initiated on 2018-10-31. Mr. S.S. Ravichandran was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) approved a resolution plan, which was subsequently approved by the Adjudicating Authority on 2019-12-18. According to the plan, the Respondent was required to make the entire payment within 45 days of the approval date. The resolution plan value was Rs. 12 Crore. However, the Respondent only paid Rs. 2.50 crore in three tranches and made no further payments. The Monitoring Committee discussed the non-implementation of the resolution plan on 2021-10-25. The State Bank of India (SBI), a secured financial creditor, authorized the
…Corporate Insolvency Resolution Process…
The 1st meetin…