Ushdev keeps wind power running to support liquidation sale

Ushdev International Limited (in liquidation) continued its power-generation business after liquidation began on 16 October 2025, reporting Rs 322.73 lakh of revenue from operations through 31 March 2026. Ushdev said the liquidator retained generation to realise a better valuation on the eventual sale of the power assets.

Why is Ushdev operating power assets during liquidation?

Ushdev is keeping its power-generation operations active because the liquidator considers continued generation a way to achieve better value on sale. The filing says the power business operated throughout financial year 2025-26, including the 16 October 2025 to 31 March 2026 liquidation period, while the company adopted a non-going-concern accounting basis.

Revenue from power operations is recognised on realisation of sales proceeds in the Liquidator's Statement of Accounts from 16 October 2025. Trade receivables associated with the power operation remain at their carrying amount, whereas other trade receivables, mainly related to the metal business, were restated to nil using the valuation report.

The continuing operations do not change Ushdev's liquidation status. Its financial statements use a break-up basis intended to reflect estimated asset realisations and repayment of creditors under Section 53 of the Insolvency and Bankruptcy Code, 2016 (IBC), rather than a return to a going-concern basis.

How much revenue did Ushdev generate after liquidation started?

Ushdev recorded Rs 322.73 lakh of revenue from operations from 16 October 2025 to 31 March 2026. That was part of Rs 14.1116 crore of revenue from operations for the year ended 31 March 2026, with Rs 10.8843 crore booked during the pre-liquidation period from 1 April 2025 to 15 October 2025.

Total income in the post-liquidation period was Rs 4.57 crore, including Rs 1.3427 crore of other income. This was below the Rs 12.1742 crore reported before liquidation in the same financial year, although the periods are not like-for-like: the post-liquidation period covers 16 October 2025 to 31 March 2026.

Post-liquidation expenses were Rs 3.8511 crore, including Rs 3.4652 crore of other expenses and Rs 38.49 lakh of employee-benefit expenses. Ushdev therefore reported Rs 71.89 lakh of profit before tax and liquidation restatement adjustments after 16 October 2025, compared with a Rs 15.7432 crore loss in the period from 1 April 2025 to 15 October 2025.

How has liquidation changed Ushdev's financial reporting?

Ushdev has adopted non-going-concern accounting because the liquidation process means the going-concern assumption no longer applies. As at 31 March 2026, assets were restated to net realisable value using valuation reports, while liabilities were recorded at claim values verified and accepted by the liquidator.

No depreciation was provided after the start of liquidation on 16 October 2025, while the pre-liquidation period from 1 April 2025 to 15 October 2025 included Rs 3.8712 crore of depreciation. Property, plant and equipment was reclassified as current assets, and the filing says no separate impairment was required because assets had already been restated to estimated net realisable value.

The restatement of assets and liabilities produced a Rs 9,047.3086 crore charge in the 16 October 2025 to 31 March 2026 period. As a result, the Rs 71.89 lakh pre-restatement profit became a Rs 9,046.5897 crore loss after restatement, showing the effect of liquidation valuations and admitted creditor claims rather than power operations alone.

The filing also says comparative information was not restated because 2025-26 is the first year in which Ushdev prepared accounts on a non-going-concern basis. Its 31 March 2026 statement of affairs showed total assets of Rs 219.758 crore, against a reported liquidation value of Rs 203.8893 crore.

What assets and claims matter most in Ushdev's liquidation?

Ushdev reported Rs 73.0172 crore of property, plant and equipment and Rs 75.6807 crore of investments within total assets of Rs 219.758 crore at 31 March 2026. The filing says all assets were valued by two professional valuers, with estimated realisable value calculated as the average of their liquidation values.

Two secured creditors have not relinquished their security interests, leaving the linked assets outside the liquidation estate. Canara Bank had an admitted claim of Rs 136.02 crore connected with a 0.90-megawatt windmill and land at Theni, Tamil Nadu, while State Bank of India had a Rs 60.9711 crore admitted claim connected with 8.00 megawatts of windmills and land at Satara, Maharashtra.

The Stakeholders' Consultation Committee recorded total admitted claims of Rs 12,275.8238 crore as at 9 June 2026. Secured financial creditors accounted for Rs 9,532.6373 crore, unsecured financial creditors Rs 293.3843 crore, government operational creditors Rs 1,449.5449 crore, other operational creditors Rs 999.812 crore and employees Rs 44.53 lakh.

Sale proceeds are to be distributed through the Section 53 IBC waterfall, under which liquidation and corporate insolvency resolution process costs have first priority. If secured creditors enforcing security outside the estate realise a surplus over debt, they must hand it to the liquidator; if there is a shortfall, the filing says payment may be considered under the statutory waterfall if a claim is filed.

Conclusion

Ushdev's Rs 322.73 lakh of post-liquidation operating revenue and Rs 71.89 lakh of pre-restatement profit show that the liquidator has preserved power generation while preparing assets for sale. The Rs 9,047.3086 crore restatement adjustment, however, shows that liquidation valuations and verified claims dominate the reported financial result.

The next issue is progress toward the liquidator's stated 12-to-15-month completion timetable, which requires sales of movable and immovable property and actionable claims. The filing also says a Central Bureau of Investigation search on 7 July 2022 and an Enforcement Directorate search on 2 February 2023, concerning transactions by former promoters, remain unconcluded.