NCLT approves Zicom Electronic Security resolution plan by Advaita Trading

NCLT Mumbai approved the resolution plan for Zicom Electronic Security Systems, currently under CIRP since July 2022, with Advaita Trading Private Limited as the successful resolution applicant. The plan provides Rs 16 crore for financial creditors on a 40:60 split between secured and unsecured creditors. Central Bank of India, which dissented, partly won its challenge. NCLT directed that dissenting creditors must receive at least the liquidation value of their security interest, not less.