NCLT Approves ₹17.75-Crore Resolution Plan For Zicom, Ending Insolvency Proceedings
Mumbai, September 26, 2026: The National Company Law Tribunal (NCLT) has approved a Rs 17.75-crore resolution plan submitted by Advaita Trading Private Limited for listed electronic security solutions company Zicom Electronic Security Systems Ltd, bringing an end to the company’s prolonged insolvency proceedings. Zicom’s Corporate Insolvency Resolution Process (CIRP) commenced on July 29, 2022,…
The National Company Law Tribunal (NCLT) has approved a resolution plan worth Rs 17.75 crores for Zicom Electronic Security Systems Ltd, concluding the company's insolvency proceedings. The proceedings began on July 29, 2022, after an insolvency petition was filed by IDBI Bank. The resolution plan received the approval of the Committee of Creditors (CoC) with a 75.46% voting share.
The Central Bank of India, a dissenting financial creditor, had sought modifications to the distribution mechanism, particularly regarding the amount payable to it considering its security interest. The tribunal stated that the issue would be addressed in a separate order passed on the same day.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
