# In the matter of Ushdev International Limited IA. No. 1447-MB-C-II-2021 in CP(IB)No. 1790-MB-C-II-2017

> NCLT judgment dated 2022-02-03. Citation: TCN-2022-NCLT-04266. The legal document pertains to the corporate insolvency resolution process (CIRP) of Ushdev…

- **Court:** NCLT
- **Order date:** 3 Feb 2022
- **Citation:** TCN-2022-NCLT-04266
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ushdev-international-limited-ia-no-1447-mb-c-ii-2021-in-cpibno-1790-mb-c-ii-2017-4baf87e2

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Taguda Pte. Ltd. complies with the requirements of Section …

**Ratio:** Section 31(1) of the IBC stipulates that a resolution plan approved by the CoC under

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**Reasoning:** The NCLT considered the submissions of the Resolution Professional and perused the

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**Interpretation:** Section 31(1) sets the threshold for approval of a resolution plan, requiring

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**Application:** The NCLT applied the ratio by examining the resolution plan to ensure it

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## Parties

- **Judges:** Shyam Babu…; SUCHITRAKAN…
- **Appellants:** State Bank of…
- **Respondents:** Ushdev Internation…; Taguda Pt…
- **Advocates:** Fatema Kac…; Venkatesh…; +1 more

## Timeline

- **2017-01-01 — CP(IB)No. 1790/MB/C-II/2…**: Filing of CP(IB)No.…
- **2018-05-14 — Initiation…**: Corporate Debtor admitted into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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