# In the matter of USHDEV INTERNATIONAL LIMITED

> NCLT judgment dated 2025-10-16. Citation: TCN-2025-NCLT-01513. This is an Interlocutory Application filed under Section 33(3) read with Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 16 Oct 2025
- **Citation:** TCN-2025-NCLT-01513
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/ushdev-international-limited-a32d84bd

## Summary

### Background

This is an Interlocutory Application filed under Section 33(3) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of the National Company Law Tribunal Rules, 2016 by the State Bank of India against Taguda PTE Limited, the Successful Resolution Applicant and Mr. Subodh Kumar Agarwal, Resolution Professional seeking order directing initiation of Liquidation of Ushdev International Limited in accordance with Chapter III of Part II of the Code.

## Facts

An application bearing CP(IB) No.1790/2017 was filed by the Applicant for initiation of Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor under Section 7 of the Code.

The Company Petition was admitted by this Tribunal on 14.05.2018 directing initiation of CIRP in respect of the Corporate Debtor and Mr. Subodh Kumar Agarwal, Respondent No.2 was appointed as the Interim Resolution Professional (IRP).

The First Resolution Plan of Respondent No.1 was not approved by the CoC on 02.02.2019 as it received 77.61% votes against the Resolution Plan and only 22.39% votes in its favour.

The Hon'ble NCLAT stayed the implementation of this Tribunal's order approving the First Resolution Plan on 29.11.2019.

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## Issues and analysis

### Issue 1: Whether the non-implementation of the Resolution Plan by the Successful Resolution Applicant …

**Ratio:** Section 33(3) of the Code provides that where the resolution plan approved by the

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**Reasoning:** The SRA failed to remit the entire resolution amount of Rs.227 crores and was still

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**Interpretation:** The failure to implement the resolution plan, despite approval and multiple

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**Application:** The Tribunal held that the initiation of Liquidation Process of the Corporate

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## Parties

- **Judges:** ASHISH…; SANJIV…
- **Appellants:** State Bank of…
- **Respondents:** Ushdev Internation…; Taguda Pte.…; +1 more
- **Other parties:** Trupal Kuma…
- **Advocates:** Rishabh J…; Zal Andhya…

## Timeline

- **2017 — Filing of App…**: An application bearing CP(IB) No.1790/2017 was filed by the Applicant for initiation of…
- **2018-05-14 — Admission of Company…**: The Company Petition was admitted by this Tribunal directing initiation of CIRP in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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