# In the matter of Taguda Pte Ltd. vs. State Bank of India & Anr.

> NCLAT judgment dated 2025-05-30. Citation: TCN-2025-NCLAT-00359. This appeal was filed by a Successful Resolution Applicant (SRA) challenging the order dated…

- **Court:** NCLAT
- **Order date:** 30 May 2025
- **Citation:** TCN-2025-NCLAT-00359
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/taguda-pte-ltd-vs-state-bank-of-india-anr-8f6b30ac

## Summary

### Background

This appeal was filed by a Successful Resolution Applicant (SRA) challenging the order dated 08.12.2023 passed by the adjudicating authority (National Company Law Tribunal, Mumbai Bench, Court – II), which partly allowed I.A.1857/2023 filed by the State Bank of India (SBI), directing the SRA to implement the revised resolution plan.

## Facts

The corporate debtor, Ushdev International Limited, was admitted to CIRP by order dated 17.05.2018.

The appellant submitted a revised resolution plan on 22.06.2021, which was approved by the CoC on the same date with 91.06% vote share.

The adjudicating authority approved the resolution plan on 03.02.2022.

The resolution applicant proposed a committed payment of ₹227 crore, with ₹225.14 crore for financial creditors.

SBI filed I.A. No.1857/2023 on 28.04.2023, seeking implementation of the revised resolution plan.

The adjudicating authority partly allowed the application on 08.12.2023, directing the SRA to implement the plan within 2 months.

The appellant filed the appeal on 16.02.2024, challenging the order.

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## Issues and analysis

### Issue 1: Whether the direction to implement the resolution plan within 2 months is a modification of the …

**Ratio:** The adjudicating authority's direction is not a modification of the resolution plan but

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**Reasoning:** The resolution plan was already approved, and the direction merely sets a timeframe for

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**Interpretation:** The adjudicating authority has the power to oversee the implementation of an

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**Application:** The adjudicating authority's order is within its jurisdiction as it pertains to

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Taguda Pt…
- **Respondents:** Ushdev Internation…; State Bank of…
- **Advocates:** Abhijeet…; Kumar Anura…; +9 more

## Timeline

- **17.05.2018 — Admission t…**: Ushdev International Limited was admitted to Corporate Insolvency Resolution Process…
- **22.06.2021 — Submission of Revised…**: The appellant submitted a…

## 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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