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ARTICLE · 30 JUNE 2025

NCLAT Dismisses Appeal In Taguda Pte Ltd. Case: A Significant Ruling On Resolution Plan Implementation

IndiaLaw LLP
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In a landmark decision, the National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Taguda Pte Ltd., a successful resolution applicant (SRA)...

IndiaInsolvency/Bankruptcy/Re-Structuring
Rahul Sundaram
Rahul Sundaram

In a landmark decision, the National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Taguda Pte Ltd., a successful resolution applicant (SRA), challenging the National Company Law Tribunal's (NCLT) order directing the implementation of a resolution plan for Ushdev International Limited. The case, Taguda Pte Ltd. v. State Bank of India & Anr. (Company Appeal (AT) (Insolvency) No. 351 of 2024), highlights critical issues surrounding the timely implementation of resolution plans under the Insolvency and Bankruptcy Code, 2016 (IBC).

Background of the Case

The corporate debtor, Ushdev International Limited, was admitted to the Corporate Insolvency Resolution Process (CIRP) on 17.05.2018 by the NCLT, Mumbai Bench, on an application filed under Section 7 by the State Bank of India (SBI). The appellant, Taguda Pte Ltd., submitted a revised resolution plan on 22.06.2021, which was approved by the Committee of Creditors (CoC) with 91.06% vote shares.

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