Ushdev borrowings reach Rs 10,023.8215 crore in liquidation

Ushdev International Limited (in liquidation) reported current borrowings of Rs 10,023.8215 crore as at March 31, 2026, compared with Rs 2,504.7243 crore at October 15, 2025. Ushdev’s largest borrowing category was Rs 9,730.4372 crore of secured bank facilities, with security extending to wind assets, properties, pledged shares and guarantees.

How much does Ushdev owe under reported borrowings?

Ushdev reported total current borrowings of Rs 10,023.8215 crore at March 31, 2026, an increase of Rs 7,519.1472 crore from Rs 2,504.7243 crore at October 15, 2025. The statement of affairs shows the same Rs 10,023.8215 crore as the liquidation value of borrowings and records a Rs 7,519.1472 crore adjustment from October 16, 2025.

The total included secured loans repayable on demand from banks, described as bank overdraft borrowings, of Rs 9,730.4372 crore. It also included unsecured bank loans repayable on demand of Rs 117.8002 crore, unsecured domestic-currency loans of Rs 32.3389 crore and unsecured foreign-currency loans of Rs 142.645 crore. Related-party domestic-currency loans were Rs 60.03 lakh at March 31, 2026.

Ushdev says the foreign-currency loan arose from invocation of a corporate guarantee provided for a working-capital facility of a Hong Kong-based erstwhile subsidiary. The company also says its secured and unsecured presentation follows the type of borrowing facility availed, and that classification of financial creditors may differ under the Insolvency and Bankruptcy Code.

Which banks are named in Ushdev’s default disclosure?

Ushdev says it has not serviced facilities availed from consortium bankers, and its lender schedule identifies balances, account types and non-performing asset, or NPA, dates. Among the clearly disclosed March 31, 2026 balances, IDBI Bank accounted for Rs 1,706.2875 crore, Bank of Baroda for Rs 1,149.4416 crore and ICICI Bank for Rs 1,109.6194 crore.

Several listed NPA dates fall in 2016. IDBI Bank is shown with August 24, 2016, while Union Bank of India and Bank of Baroda are listed with October 4, 2016. Indian Overseas Bank is shown with September 30, 2016, ICICI Bank with December 21, 2016, Central Bank of India with March 9, 2017, and Canara Bank with May 14, 2018.

Ushdev also lists Bank of Maharashtra at Rs 574.6755 crore and Punjab National Bank, including Oriental Bank of Commerce, at Rs 656.5914 crore. The disclosure includes State Bank of India facilities with cash-credit, term-loan and interest components, but the supplied lender row does not present one fully legible comparable March 31, 2026 total. The secured bank-facility aggregate is Rs 9,730.4372 crore.

What wind assets and properties secure Ushdev’s bank facilities?

Ushdev identifies a first charge by hypothecation over current assets as primary security, followed by first-charge collateral on a pari passu basis. The listed wind assets include four Windmill Energy Generators, or WEGs, at Methan in Jamnagar, Gujarat; three WEGs at Kita and Bhoo in Jaisalmer, Rajasthan; and two WEGs at Hadmatiya in Jamnagar.

The collateral list also includes two WEGs at Chinnaputhur in Erode, Tamil Nadu, and four WEGs at Khabalwadi in Satara, Maharashtra. The four Khabalwadi WEGs are stated to be exclusively given to State Bank of India, formerly State Bank of Travancore, for a term loan. Separately, six WEGs and associated land across five villages in Theni district, Tamil Nadu, are hypothecated and equitably mortgaged exclusively to Canara Bank for its term loan.

Ushdev lists office premises on the fourth and sixth floors of New Harileela House at Mint Road, Fort, Mumbai, among its collateral. It also names B201 and B204 at The Qube in Andheri and the sixth floor and basement number 7 at Apeejay House, both held in the name of Ushdev Mercantile Private Limited. These properties form part of the collateral package supporting the Rs 9,730.4372 crore secured bank-facility category.

Which additional collateral and guarantees are tied to Ushdev’s debt?

Ushdev lists additional first-charge pari passu security over land parcels at Dahivali in Raigad, including Survey Number 39 and several hissa parcels, as well as Plot 1834 at Kalamboli in Panvel. The company also identifies 12 commercial units at Multicon Square in Erandawane, Pune, numbered 101 to 106 and 201 to 206.

The additional collateral includes rooms 1, 2 and 3 on the second floor of Old Harileela House in Fort, Mumbai, belonging to Prateek Vijay Gupta, and basement number 8 at Apeejay House, belonging to Suman Vijay Gupta. Ushdev also names offices at Tiara Commercial Complex in Thane, held by Ushdev Metals & Minerals Private Limited and exclusive to Bank of Maharashtra, plus plots 92 and 94 at Lavasa held by Suman Vijay Gupta.

Ushdev says 34,33,058 equity shares held by Prateek Vijay Gupta and Suman Vijay Gupta are pledged. It also records their irrevocable and unconditional joint and several personal guarantees, alongside an irrevocable and unconditional corporate guarantee from Ushdev Mercantile Private Limited. These mechanisms are listed with the security for the bank facilities rather than as separate debt categories.

Ushdev’s unsecured domestic-currency loan balance was Rs 32.3389 crore at March 31, 2026, comprising Tomorrow Capital Enterprises Private Limited, formerly Lodha Developers Management Private Limited. Its unsecured foreign-currency loan was Rs 142.645 crore from CD Opportunities Holdings Limited. Related-party borrowings declined to Rs 60.03 lakh from Rs 49.7355 crore at October 15, 2025, with Ushdev Wind Park Private Limited the remaining reported balance.

Conclusion

Ushdev’s March 31, 2026 statement shows a Rs 10,023.8215 crore borrowing balance dominated by Rs 9,730.4372 crore of secured bank facilities. The disclosed security package spans 21 WEGs, land in multiple states, Mumbai offices, Pune commercial units, 34,33,058 pledged equity shares, personal guarantees and a corporate guarantee.

The next issue to watch is the treatment of creditor claims and security interests through liquidation, particularly because Ushdev says its facility-based secured and unsecured classification may differ under the Insolvency and Bankruptcy Code. Wind-power operations generated Rs 14.1116 crore of revenue for the year ended March 31, 2026, and the statement says the windmills continued generating revenue during liquidation.