The Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has upheld the liquidation proceedings, noting that Taguda Pte Ltd, the Successful Resolution Applicant (SRA) failed to obtain the requisite regulatory approvals within the stipulated timeline.
Coming to the facts of the present case, the Corporate Insolvency Resolution Process (CIRP) was initiated against Ushdev International Limited on 17-5-2018, following an application by the State Bank of India (SBI). Taguda Pte Ltd submitted a revised resolution plan on 22-06-2021, which was approved by the Committee of Creditors (CoC) with a 91.06% vote share and subsequently sanctioned by the National Company Law Tribunal (NCLT) on 3 February 2022.
The…