NCLT approves Advaita Trading resolution plan for Zicom under CIRP

NCLT Mumbai approved the resolution plan submitted by Advaita Trading Private Limited for Zicom Electronic Security Systems, which has been under CIRP since July 2022. The CoC approved the plan with 75.46 percent voting share. Total financial payout is about Rs 16 crore plus commitments from brand litigation. The tribunal allowed Central Bank of India plea, directing that dissenting creditors receive minimum liquidation value of their security interest.