NCLT Approves Zicom's Resolution Plan, Directs RP to Re-evaluate Dissenting Creditor Payouts
NCLT approved Advaita Trading Private Limited's resolution plan for Zicom Electronic Security Systems Limited on September 24, 2026. The tribunal directed the Resolution Professional to re-evaluate payouts for dissenting creditors, ensuring they receive at least the liquidation value of their security interests, as per the order dated September 24, 2026.
The approval of a resolution plan and the NCLT's directive on creditor payouts have significant implications for the company's future operations, financial structure, and the recovery prospects of its creditors.
The announcement pertains to the approval of a resolution plan and a directive for re-evaluation of creditor payouts. While the approval is a positive step, the ongoing dispute and directive for re-evaluation indicate a neutral sentiment as the final outcome for all parties is still being determined.
The Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench-I, has approved the resolution plan for Zicom Electronic Security Systems Limited (Under Corporate Insolvency Resolution Process - CIRP) submitted by Advaita Trading Private Limited. This approval was pronounced via an order dated September 24, 2026, under Section 31 of the Insolvency and Bankruptcy Code, 2016.
The NCLT order also addresses an Interlocutory Application (IA) filed by Central Bank of India, a member of the Committee of Creditors (CoC). The bank, which holds a significant admitted secured financial debt of approximately ₹74.55 crore and claims a superior first charge on certain assets, had objected to the pro-rata distribution mechanism in the resolution plan. Central Bank of India argued that the plan failed to account for the priority and value of its specific security interests, seeking a recomputation of the minimum amount payable to dissenting financial creditors.
The Tribunal, in its findings, noted that while the resolution plan was approved by the CoC with the requisite majority prior to the May 26, 2026, amendment to the Insolvency and Bankruptcy Code, the dissenting financial creditors are entitled to a minimum payment equivalent to the liquidation value of their security interest. Consequently, the NCLT directed the Resolution Professional (RP) to determine the amounts payable to each assenting and dissenting financial creditor. This determination must adhere to the resolution passed in the 19th CoC meeting on June 6, 2023, ensuring a minimum payment of liquidation value equivalent to the security interest held by dissenting financial creditors. The applicant (Central Bank of India) has been asked to provide necessary details regarding outstanding secured amounts to the RP for this determination.
What to do with a filing like this
Zicom Electronic Security Systems Limited filed this with the NSE as a statutory disclosure, categorised under corporate insolvency resolution process. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Zicom Electronic Security Systems Limited. Read the original for the full detail.