NCLAT upholds NCLT's liquidation order for Ushdev International Limited, dismissing Taguda Pte's appeal against the decision.
Taguda failed to implement its approved ₹227 crore resolution plan for over three years despite multiple extensions and opportunities.
The tribunal found Taguda's conduct dilatory, citing non-compliance with RBI approval requirements and failure to deposit funds as directed.
Liquidation was deemed necessary to prevent further value erosion, with the SCC rejecting Taguda's last-minute payment proposal.