Media Release: 'Delhi High Court grants Interim Asset Protection to Advik Capital, against Elitecon International Limited, reinforcing Judicial Safeguards for NBFC lending in India'
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Advik Capital, an RBI-registered NBFC, secured ad-interim relief from the Delhi High Court in a loan recovery case against Elitecon International Limited. The company had disbursed a ₹64 crore loan through formal banking channels, and after non-repayment, issued a recall notice for ₹71.15 crore including interest. The court restrained Elitecon, its management, and statutory auditors from creating third-party rights in their movable and immovable assets (except in ordinary course of business), after finding a prima facie case in Advik Capital's favour. The restraint was extended till the next hearing on 7 July 2026, and the matter remains sub-judice. The ruling followed a forensic report and references to ongoing regulatory proceedings concerning Elitecon.
Positive for Advik Capital shareholders — the court order strengthens the company's position for recovering ₹71.15 crore and protects borrower assets from being dissipated, though recovery is not yet final and the case could take months to resolve.