We would like to intimate your good office that Chirag Rajendrakumar Shah (Reg. No. IBBI-IPA-001/IP-P01169/2018-19/11837) have been appointed as the Resolution Professional vide order of ....
Awaiting price reaction for this filing.
The NCLT Mumbai bench has allowed IDBI Bank-led CoC to replace the existing Resolution Professional Huzefa Fakhri Sitabkhan with CA Chirag Rajendrakumar Shah in the ongoing insolvency case against Zicom Electronic Security Systems. The replacement was approved by the CoC in their 37th meeting on 02.07.2025 with 76.826% voting share. The original insolvency was filed under Section 7 of the IBC by IDBI Bank. The outgoing RP's fees, as ratified by the CoC, will be paid within three weeks.
No material change for shareholders as this is procedural — Zicom remains under active insolvency resolution (CIRP) with the same financial creditor and lenders' committee driving the process. Any revival or liquidation outcome continues to depend on the resolution plan, not on this administrative RP swap.