# Approval of Resolution Plan - Ushdev Engitech Limited

> NCLT judgment dated 2025-11-06. Citation: TCN-2025-NCLT-01591. The Corporate Insolvency Resolution Process (CIRP) of Ushdev Engitech Limited was initiated by…

- **Court:** NCLT
- **Order date:** 6 Nov 2025
- **Citation:** TCN-2025-NCLT-01591
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-ushdev-engitech-limited-92b7cb5f

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) of Ushdev Engitech Limited was initiated by the Tribunal on 26.04.2023 under Section 7 of the IBC. Mr. Sudip Bhattacharya was appointed as the Interim Resolution Professional (IRP).

## Facts

CIRP was initiated against Ushdev Engitech Limited on 26.04.2023.

Sudip Bhattacharya was appointed as the Interim Resolution Professional (IRP).

ICICI Bank Limited is the sole financial creditor with 100% voting percentage in the CoC.

Trupalkumar Patel was approved as the Resolution Professional (RP) in the first CoC meeting dated 21.07.2023.

The RP appointed registered valuers to determine the fair value and liquidation value of the Corporate Debtor.

The Applicant appointed NV Dand as a transaction auditor to identify transactions under Sections 43/45/50/66 of the Code.

The RP filed I.A. 2505 of 2024 under Section 45, 46 and 48 of the Code (Avoidance Application) which is currently pending adjudication before this Tribunal.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The Tribunal perused Form-H and found that the Resolution Plan is in compliance with the

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**Interpretation:** The Resolution Plan must provide for the payment of insolvency resolution

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**Application:** The Tribunal determined that the Resolution Plan submitted by Rakesh Ramanlal

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## Parties

- **Judges:** Mohan Prasad…; Charanjeet Singh…
- **Appellants:** ICICI Bank…; Trupal Kuma…
- **Respondents:** Ushdev Engitech…
- **Other parties:** Sudip Bhatt…; Rakesh…; +1 more
- **Advocates:** Yashraj Cha…; Gaurav…; +8 more

## Timeline

- **2023-04-26 — Commencement…**: The Corporate Insolvency Resolution Process (CIRP) of Ushdev Engitech Limited was…
- **2023-04-30 — Public Annou…**: Public announcement was made…

## 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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