The Corporate Insolvency Resolution Process (CIRP) for Ushdev International Limited (Corporate Debtor) commenced on 17.05.2018. Taguda Pte. Limited's (Appellant) revised Resolution Plan was approved by the NCLT on 03.02.2022. However, the plan remained unimplemented for over three years due to the Appellant's failure to obtain necessary regulatory approvals and secure funds. State Bank of India (Respondent No. 1) filed an application seeking liquidation, which the NCLT allowed on 16.10.2025, dismissing the Appellant's proposal for a one-time payment. The Appellant challenged this liquidation order before the NCLAT.
CIRP was initiated against Ushdev International Limited (Corporate Debtor) on 17.05.2018, and Subodh Kumar Agarwal was appointed IRP/RP.
Taguda Pte. Limited's (Appellant) revised Resolution Plan was approved by the NCLT on 03.02.2022.
The Resolution Plan required Taguda to remit INR 227 Crore in five tranches, with INR 225 Crore for financial creditors.
Taguda failed to implement the Resolution Plan for over three years due to its inability to obtain necessary regulatory approvals, including from the RBI, and secure funds from its foreign investor.
State Bank of India (Respondent No. 1), a financial creditor, filed I.A. No. 1857/2023 seeking implementation of the plan or initiation of fresh CIRP/liquidation.
…Sign in to view the parties.
NCLT passed an order initiating CIRP against…
CoC rejected Taguda's resolution plan…
The Corporate Insolvency Resolution Process (CIRP) for Ushdev International Limited (Corporate Debtor) commenced on 17.05.2018. Taguda Pte. Limited's (Appellant) revised Resolution Plan was approved by the NCLT on 03.02.2022. However, the plan remained unimplemented for over three years due to the Appellant's failure to obtain necessary regulatory approvals and secure funds. State Bank of India (Respondent No. 1) filed an application seeking liquidation, which the NCLT allowed on 16.10.2025, dismissing the Appellant's proposal for a one-time payment. The Appellant challenged this liquidation order before the NCLAT.
CIRP was initiated against Ushdev International Limited (Corporate Debtor) on 17.05.2018, and Subodh Kumar Agarwal was appointed IRP/RP.
Taguda Pte. Limited's (Appellant) revised Resolution Plan was approved by the NCLT on 03.02.2022.
The Resolution Plan required Taguda to remit INR 227 Crore in five tranches, with INR 225 Crore for financial creditors.
Taguda failed to implement the Resolution Plan for over three years due to its inability to obtain necessary regulatory approvals, including from the RBI, and secure funds from its foreign investor.
State Bank of India (Respondent No. 1), a financial creditor, filed I.A. No. 1857/2023 seeking implementation of the plan or initiation of fresh CIRP/liquidation.
…NCLT passed an order initiating CIRP against…
CoC rejected Taguda's resolution plan…