Ushdev International Liquidation: Creditor Claims Update & SCC List Filed

The company's ongoing liquidation process is moving forward with an updated list of members for its Stakeholder Consultation Committee (SCC), an essential oversight body. The latest filing also provides a detailed breakdown of creditor claims as of April 23, 2026.

No claims have been rejected so far, but ₹4,177,008,177 remains under verification. The largest secured creditor claim belongs to the State Bank of India (SBI) for ₹25,411,486,381.

Why this matters

This update offers crucial clarity for stakeholders navigating Ushdev International's liquidation. The confirmed SCC composition ensures governance oversight, while the detailed status of creditor claims provides insight into the financial liabilities that need to be settled from the company's asset pool.

For creditors, this represents a step towards potential recovery. For shareholders, it signifies the conclusion of the company's operations as a going concern and the winding-down process under the Insolvency and Bankruptcy Code (IBC).

The backstory

Ushdev International Ltd. entered the Corporate Insolvency Resolution Process (CIRP) in May 2018 following financial difficulties. The company, which was involved in metal trading and wind power EPC, saw several resolution plans proposed. One plan from Taguda Pte Ltd. was approved by the Committee of Creditors and later by the National Company Law Tribunal (NCLT) in February 2022.

However, this plan ultimately failed due to a lack of necessary regulatory approvals. This setback, along with subsequent legal challenges, led the NCLT Mumbai to order the company's liquidation on October 16, 2025.

What changes now

• Enhanced Transparency: The updated SCC list provides a clear governance structure for the liquidation phase.
• Liability Snapshot: A clearer picture of admitted and pending financial claims is now available, guiding asset distribution.
• Process Continuity: The liquidation process moves forward, with focus shifting to asset realization and settlement of dues.
• Shareholder Status: For equity holders, the focus shifts to the potential residual value after all creditor claims are settled, which is often minimal in liquidation.

Risks to watch

• Claim Revisions: Admission of claims is subject to revision, modification, substantiation, or rejection upon receipt of further information, as per IBBI regulations.
• Timeliness of Claims: Several operational creditors and employees submitted claims beyond prescribed timelines; their admission depends on prior CIRP assessments.
• Asset Encumbrances: State Bank of India and Canara Bank hold exclusive charge over certain assets, which could limit the pool available for other creditors.
• Bank Fraud Allegations: The Enforcement Directorate (ED) has attached assets worth ₹132.85 crore in a bank fraud case involving alleged promoter siphoning of ₹1,438 crore.
• Market Manipulation Fines: SEBI previously fined individuals ₹2.45 crore for manipulative trading in the company's shares.

Peer comparison

EPC companies in India frequently face insolvency issues due to project delays and funding challenges, leading to outcomes ranging from restructuring to liquidation. Companies like Lanco Infratech and Jaypee Infratech, which also entered insolvency, illustrate the sector's inherent risks. While Ushdev International is in liquidation, other EPC firms such as Dharan Infra-EPC Limited have achieved settlements within their CIRP, demonstrating varied paths out of financial distress.

Context metrics

• Ushdev International Ltd. was ordered into liquidation by the NCLT Mumbai on October 16, 2025.
• The company is yet to publish its financial results for the quarter ended December 31, 2025 (Q3 FY26), pending valuation and liquidation procedures.

What to track next

• Claim Finalization: Monitor any further updates on claims under verification and potential revisions to admitted claims.
• Asset Realization: Track the progress of asset sales and the value realized by the liquidator.
• Distribution Progress: Observe the timeline and quantum of payments made to creditors as per IBC hierarchy.
• Legal Proceedings: Stay informed about any ongoing legal cases or appeals related to the liquidation process or past fraud allegations.
• ED/CBI Investigations: Follow developments related to the bank fraud and money laundering investigations impacting promoters and company assets.