Ushdev International returns to auction desk with ₹132-crore asset pool; Uttam Galva Ferrous stake is three-fourths of the block

The liquidator of Ushdev International Ltd has called a fresh e-auction of the failed metals trader’s liquidation estate, offering nine blocks with an aggregate reserve price of ₹132.38 crore, according to a sale notice dated 3 September.

Bids will be taken on 21 September between 11 a.m. and 1 p.m. on the BAANKNET platform, with unlimited five-minute extensions each time a bid lands in the closing five minutes. Expressions of interest, eligibility documents and earnest money deposits are all due by 18 September. Site inspection opened on 4 September and runs to the same date, on a day’s notice to the liquidator.

Trupalkumar Patel, the liquidator, is selling on an “as is where is” and “without recourse” basis under the Insolvency and Bankruptcy Code, 2016 and the IBBI (Liquidation Process) Regulations, 2016.

One stock dominates the sale

The single largest lot is Ushdev’s holding of equity shares in Uttam Galva Ferrous Ltd, carrying a reserve price of ₹97.04 crore — roughly 73 per cent of the entire offering. Taken together, the three financial-asset lots account for ₹103.92 crore, or close to four-fifths of the pool.

The real estate is a distant second. Five land-and-building lots carry a combined reserve of ₹27.12 crore, the largest being a freehold commercial plot of 84,282.12 sq ft at Village Khalapur in Raigad district, near the Mumbai-Pune Expressway, at ₹10.73 crore.

Two Mumbai office floors are on the block: the fourth and sixth floors of New Harileela House on Mint Road near CSMT, reserved at ₹3.81 crore and ₹3.86 crore. The sixth-floor unit is the company’s own registered office, as recorded on the notice itself. Two office floors at Multicon Square in Erandwane, Pune — units 101-106 and 201-206 — carry identical reserve prices of ₹4.36 crore each.

The only power asset in this round is a pair of 0.8 MW wind turbine generators at Gondikere village in Karnataka’s Chitradurga district, standing on sub-leased forest land, reserved at ₹1.34 crore.

The third financial lot bundles equity in four co-operative banks and a foundation — Jankalyan Sahakari Bank, The Greater Bombay Co-Op Bank, The Kalyan Janta Sahakari Bank and Vijay Devraj Gupta Foundation — with an advance receivable from Wind World India Ltd, described in the notice as an operational creditor claim against a company that is itself in CIRP. The collective lot is reserved at ₹6.43 crore.

Earnest money is set at 10 per cent of reserve price for every lot. Bid increments are ₹5 lakh across the board, except for the Shamrao Vithal Co-Op Bank shares at ₹1 lakh — meaning the ₹97-crore Uttam Galva lot moves in steps of about 0.05 per cent of its floor price.

Shrinking pool

This is not the first attempt. An auction notice filed with the IBBI on 20 July set a 6 August sale date with a total reserve price of ₹149.05 crore, covering assets in Maharashtra, Tamil Nadu, Karnataka, Rajasthan and Gujarat.

The September offering is confined to Maharashtra and Karnataka. On the face of the two notices, roughly ₹16.67 crore of reserve value and the wind assets in three states have come off the table. The notice does not say whether those assets were sold in the earlier round, withdrawn, or held back for a separate process.

The asset identification numbers in the current notice point the same way. The lots run 4202 to 4205, 4207 and 4213 to 4215, with 4206 and 4208 to 4212 absent — six gaps in a sequence that the earlier, wider auction appears to have covered.

Reserve prices for the lots that do carry over cannot be compared from the IBBI filing alone, which reports only an aggregate.

How Ushdev got here

Ushdev International, incorporated in 1994 and listed on the BSE, ran two businesses: trading in ferrous and non-ferrous metals and raw materials, and wind power generation with about 28.3 MW across 23 turbines in five states.

It was admitted to insolvency on 14 May 2018 on a Section 7 petition by State Bank of India. NCLT Mumbai approved a resolution plan submitted by Singapore-based Taguda Pte Ltd on 7 November 2019, rejecting a liquidation application the resolution professional had filed earlier that year after the committee of creditors declined to approve any plan.

The plan was never implemented. NCLT Mumbai ordered the company into liquidation on 16 October 2025. In July this year, the NCLAT dismissed Taguda’s appeal against that order, upheld the liquidation and imposed ₹5 lakh in costs on the resolution applicant, holding that indefinite indulgence in the name of resolution defeats the Code’s object of time-bound value maximisation.

Claims admitted against the estate dwarf the assets now on sale. A stakeholder list filed with the IBBI as of 22 December 2025 recorded 12 secured financial creditor claims of ₹10,239.38 crore, of which ₹9,452.82 crore was admitted, alongside one unsecured financial creditor claim of ₹32.34 crore admitted. Against that, the full ₹132.38 crore on offer this month would represent recovery of about 1.4 per cent for admitted secured financial creditors — before liquidation costs, and assuming every lot sells at reserve.

Reserve prices exclude GST, stamp duty, registration charges and other statutory levies. The liquidator has reserved the right to accept or reject any bid, or to postpone, cancel or amend the auction at any stage without assigning a reason.

Also See: Seven years, five auctions, two defaulting bidders: How IBC failed IVRCL Ltd