In a significant judgment dated July 23, 2025, the Supreme Court of India dismissed the civil appeal filed by Taguda PTE Limited, a Successful Resolution Applicant (SRA), against State Bank of India & Anr. The appeal pertained to non-implementation of a corporate resolution plan under the Insolvency and Bankruptcy Code (IBC).
Background of the Case
The appellant, Taguda PTE Limited, had been approved as the Successful Resolution Applicant in a corporate insolvency process. The resolution plan was approved on 3rd February 2022. However, even after three years, the plan had not been implemented, primarily due to the appellant's failure to obtain necessary clearances.
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“The undisputed fact here is that the resolution plan was approved as far back as on 03.02.2022. Even after three years, the plan remains unimplemented...” — Supreme Court Bench
Hearing the matter, a bench of Justices Sudhanshu Dhulia and Aravind Kumar refused to interfere with the decision of the National Company Law Appellate Tribunal (NCLAT), Delhi, which had earlier rejected the appellant's plea.
“We cannot have a different opinion to what has been given by the National Company Law Appellate Tribunal, Delhi. We see no grounds for interference.” — SC Bench
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Thus, the civil appeal (No. 7648 of 2025) was dismissed, and the pending applications were also disposed of accordingly.
For the Appellant (Taguda PTE Ltd.):
Senior Advocate Chander Uday Singh led the legal team, supported by advocates Mr. Kailash Pandey, Mr. Ranjeet Singh, Mr. Krishna Yadav, and others.
For the Respondent (State Bank of India):
Senior Advocate Navin Pahwa appeared along with Mr. Vaijayant Paliwal and Ms. Kirti Gupta.
The apex court reiterated the importance of timely implementation of resolution plans in insolvency cases. A resolution applicant's inability to secure clearances over an extended period weakens the objective of the IBC and cannot justify prolonged delays.
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Case Title: Taguda PTE Limited vs. State Bank of India & Anr.
Judgment Date: 23 July 2025
Appeal No.: Civil Appeal No. 7648 of 2025