NCLT order for initiating the liquidation process of the Company and appointment of Liquidator for liquidation.
Awaiting price reaction for this filing.
The National Company Law Tribunal (NCLT), Mumbai bench has ordered the liquidation of Ushdev International Limited on October 16, 2025, after the company's approved resolution plan failed to be implemented for over three years. Mr. Trupalkumar Patel has been appointed as the Liquidator to take over all assets and administrative control of the company. The insolvency case had been pending since 2017 when State Bank of India filed for Corporate Insolvency Resolution Process (CIRP), which was admitted in May 2018. A revised resolution plan worth Rs. 227 crores from Taguda PTE Limited was approved in February 2022, but the resolution applicant could not secure required RBI and SEBI approvals or arrange funds from its foreign investor (ANZA Capital), forcing lenders to invoke guarantees worth Rs. 16.5 crores. The SRA's appeals were dismissed by NCLAT in May 2025 and the Supreme Court in July 2025, leaving liquidation as the only option. Shareholders and employees face discharge, and lenders are recovering far less than the original resolution plan value.
This is effectively a winding-up event for the company. Existing shareholders are very likely to lose their entire investment as liquidation proceeds go first to secured creditors and statutory dues. The stock has no operational future, and any recovery for equity holders is unlikely. Creditors face significant delays and partial recovery.