# In the matter of United India Shoe Corporation Private Limited IA(IBC)-548(CHE)-2022 in MA-1238-2019 in CP-886-IB-2018

> NCLT judgment dated 2022-10-21. Citation: TCN-2022-NCLT-00631. The case pertains to an application filed for the liquidation of United India Shoe Corporation…

- **Court:** NCLT
- **Order date:** 21 Oct 2022
- **Citation:** TCN-2022-NCLT-00631
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/united-india-shoe-corporation-private-limited-iaibc-548che-2022-in-ma-1238-2019-0d2c814b

## Summary

### Background

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.

## Facts

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

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority is justified in ordering the liquidation of the Corporate Debtor …

**Ratio:** Section 33(3) of the Insolvency and Bankruptcy Code (IBC) stipulates that where the

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**Reasoning:** The court reasoned that the Resolution Applicant failed to adhere to the terms of the

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**Interpretation:** The interpretation of Section 33(3) of the IBC is that if a resolution plan is

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**Application:** In this case, the Resolution Applicant failed to implement the approved

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## Parties

- **Judges:** (RETD.) RAMALINGAM…; SAMEER…
- **Appellants:** Radhakrishnan…
- **Respondents:** UNITED INDIA SHOE…; Mohib Shoes…

## Timeline

- **2018-10-31 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated for United India Shoe…
- **2018-11-30 — CoC Meet…**: The 1st meeting of the…

## 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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