# Chirag Shah, Resolution Professional of Zicom Electronic Security Systems Limited vs. Zicom Electronic Security Systems Limited & Ors.

> NCLT judgment dated 2026-09-24. Citation: TCN-2026-NCLT-01040. The Corporate Insolvency Resolution Process (CIRP) for Zicom Electronic Security Systems…

- **Court:** NCLT
- **Order date:** 24 Sept 2026
- **Citation:** TCN-2026-NCLT-01040
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/chirag-shah-resolution-professional-of-zicom-electronic-security-systems-limited-7eqk7

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Zicom Electronic Security Systems Limited commenced on 29.07.2022. Chirag Shah, the Resolution Professional (RP), filed an application seeking approval of the Resolution Plan submitted by M/s Advaita Trading Private Limited. Previously, the National Company Law Tribunal (NCLT) had remitted the plan back to the Committee of Creditors (CoC) on 03.06.2025 for reconsideration of valuation, feasibility, and viability aspects. Following this, the erstwhile RP was replaced by Chirag Shah, and the CIRP period was extended multiple times. The CoC subsequently reconsidered the plan, including obtaining a third valuer's report and addressing the NCLT's observations.

## Facts

The present Application (IA(IBC)(Plan)/32/MB/2026) was filed on 03.04.2026 by Chirag Shah, Resolution Professional of Zicom Electronic Security Systems Limited, seeking approval of the Resolution Plan.

The Resolution Plan, dated 24.12.2025 along with addendums dated 29.01.2026 and 26.03.2026, was submitted by M/s Advaita Trading Private Limited (Successful Resolution Applicant).

Zicom Electronic Security Systems Limited (Corporate Debtor) is a public listed company incorporated on 01.12.1994, engaged in electronic security solutions.

The Corporate Insolvency Resolution Process (CIRP) commenced on 29.07.2022, pursuant to an NCLT order in C.P. (IB) No. 610 (MB) of 2021 under Section 7 of the Code.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Advaita Trading Private Limited for Zicom Electronic …

**Ratio:** The Resolution Plan, as approved by the CoC, complies with Section 30(2) of the IBC and

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**Reasoning:** The Resolution Professional submitted a Compliance Certificate in Form-H, which was found

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**Interpretation:** Section 30(2) of the IBC and its associated regulations mandate specific

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**Application:** The Resolution Plan addresses the payment priorities, management structure, and

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## Parties

- **Judges:** SH. PRABHAT…; SH. SUSHIL…
- **Appellants:** Chirag Shah,…; Central Bank of…; +1 more
- **Respondents:** Zicom Electronic…; Chirag Rajendrakum…
- **Other parties:** Union Bank of…; Bank of B…; +11 more
- **Advocates:** Rohit G…; Niyati Me…; +4 more

## Timeline

- **1994-12-01 — Corporate Debtor…**: Zicom Electronic Security Systems Limited…
- **2022-07-29 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) for Zicom Electronic Security Systems…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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