# Taguda Pte. Limited vs. State Bank of India & Trupal Kumar Patel

> NCLAT judgment dated 2026-07-06. Citation: TCN-2026-NCLAT-00234. The Corporate Insolvency Resolution Process (CIRP) for Ushdev International Limited…

- **Court:** NCLAT
- **Order date:** 6 Jul 2026
- **Citation:** TCN-2026-NCLAT-00234
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/taguda-pte-limited-vs-state-bank-of-india-trupal-kumar-patel-acelg

## Summary

### Background

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.

## Facts

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.

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## Issues and analysis

### Issue 1: Whether the NCLT's Impugned Order dated 16.10.2025, directing liquidation of the Corporate Debtor …

**Ratio:** The NCLT's order for liquidation is upheld because the Successful Resolution Applicant

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**Reasoning:** The Resolution Plan, approved on 03.02.2022, remained unimplemented for over three years.

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**Interpretation:** The Code prioritizes resolution but not endlessly, especially when it leads to

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**Application:** The NCLAT found that the Appellant's conduct constituted persistent and

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## Parties

- **Judges:** N. Sesha…; Arun Ba…
- **Appellants:** Taguda Pte.…
- **Respondents:** Ushdev Internation…; State Bank of…; +1 more
- **Other parties:** Committee of…; Stakeholders…; +1 more
- **Advocates:** T. Gowt…; Vivek…; +14 more

## Timeline

- **2018-05-17 — CIRP Init…**: NCLT passed an order initiating CIRP against the Corporate Debtor and appointed Subodh…
- **2019-02-06 — CoC Rejects Resolution…**: CoC rejected Taguda's resolution plan (77.61% votes) and authorized RP to file…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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