Please find enclosed.
Awaiting price reaction for this filing.
Ushdev International has been under Corporate Insolvency Resolution Process (CIRP) since May 2018 after State Bank of India filed for insolvency. A resolution plan worth ₹227 crore (₹225.14 crore to financial creditors) by Taguda Pte Ltd was approved by NCLT Mumbai in February 2022. The resolution applicant failed to implement the plan within the statutory one-year window, citing pending RBI approvals. Lenders invoked the Performance Bank Guarantee of ₹11.5 crore and Bid Bond Guarantee of ₹5 crore, and filed a liquidation application. On May 30, 2025, NCLAT New Delhi dismissed the resolution applicant's appeal challenging NCLT's December 2023 order directing implementation within two months, and requested the adjudicating authority to decide the liquidation application preferably within three months.
Very negative for shareholders. With the resolution plan declared failed and the appeal dismissed, the company is now likely headed for liquidation, which typically leaves equity shareholders with little to no recovery. The stock, which has been suspended, remains in deep distress.