The legal document pertains to the corporate insolvency resolution process (CIRP) of Ushdev International Limited. The CIRP was initiated following an application under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss and evaluate resolution plans. Initially, the CoC rejected a resolution plan, leading to an application for liquidation. However, the NCLAT intervened, granting time for the submission of a revised resolution plan. Ultimately, a resolution plan submitted by Taguda Pte. Ltd. was approved by the CoC with a 91.06% majority.
Ushdev International Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016. Mr. Subodh Kumar Agarwal served as the Resolution Professional. The CIRP commenced on May 14, 2018. A Committee of Creditors (CoC) was formed, comprising various financial institutions including State Bank of India, IDBI Bank, and ICICI Bank. Several meetings of the CoC were conducted to evaluate resolution plans. Initially, the CoC rejected a resolution plan with 77.61% voting share, leading to an application for liquidation. The NCLAT intervened, staying the liquidation order and granting time for a revised resolution plan. Taguda Pte. Ltd. submitted a resolution plan, which was initially rejected but later revised. The
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Filing of CP(…
Corporate Debtor…
The legal document pertains to the corporate insolvency resolution process (CIRP) of Ushdev International Limited. The CIRP was initiated following an application under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss and evaluate resolution plans. Initially, the CoC rejected a resolution plan, leading to an application for liquidation. However, the NCLAT intervened, granting time for the submission of a revised resolution plan. Ultimately, a resolution plan submitted by Taguda Pte. Ltd. was approved by the CoC with a 91.06% majority.
Ushdev International Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016. Mr. Subodh Kumar Agarwal served as the Resolution Professional. The CIRP commenced on May 14, 2018. A Committee of Creditors (CoC) was formed, comprising various financial institutions including State Bank of India, IDBI Bank, and ICICI Bank. Several meetings of the CoC were conducted to evaluate resolution plans. Initially, the CoC rejected a resolution plan with 77.61% voting share, leading to an application for liquidation. The NCLAT intervened, staying the liquidation order and granting time for a revised resolution plan. Taguda Pte. Ltd. submitted a resolution plan, which was initially rejected but later revised. The
…Filing of CP(…
Corporate Debtor…