IA by Central Bank of India

September 25, 2026 The Secretary / Corporate Relationship Dept. The Manager The Bombay Stock Exchange Limited Listing Department, P. J. Towers, National Stock Exchange of India Ltd. Dalal Street, Fort, ‘Exchange Plaza’, C-1, Block G, Mumbai 400001. Bandra Kurla Complex, Bandra (E), Mumbai 400051. Stock Code: 531404 Stock Code: ZICOM Ref: ISIN INE 871B01014 Dear Sir / Madam, Sub: With reference to approval of Resolution Plan, this is Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Pronouncement of Order dated September 24, 2026 under Section 31 of the Insolvency and Bankruptcy Code, 2016 approving resolution plan for Zicom Electronic Security Systems Limited by the Hon’ble National Company Law Tribunal, Mumbai Bench- I (“Hon’ble NCLT”). Dear Sir/ Madam, With reference to approval of Resolution Plan, this communication is in continuation to announcement made on 24.09.2026 wherein it was informed that the Hon’ble National Company Law Tribunal, Mumbai Bench- I, has pronounced an order dated September 24, 2026 in IA(I.B.C)/1566/MB/2026 in CP(IB) No. 610 of 2021 approving the resolution plan submitted by Advaita Trading Private Limited (the successful Resolution Applicant) with respect to the insolvency process of Zicom Electronic Security Systems Limited. We have enclosed herewith the order dated 24.09.2026 for dissemination. We request you to kindly take the aforesaid information on your records. Thanking you, Yours faithfully, For Zicom Electronic Security Systems Limited (Under Corporate Insolvency Resolution Process) Chirag Shah Resolution Professional IBBI/IPA-001/IP-P01169/2018-19/11837 208, Ratnaraj Spring, Opp. HDFC Bank House, Beside Navnirman Co-op Bank, Navrangpura, Ahmedabad- 380009, Gujarat, India. Email: zicom.cirp@gmail.com Zicom Electronic Security Systems Limited (Under CIRP) Zicom House, 45 Chimbai Road, Off Hill Road, Bandra (West), Mumbai - 400 050. (Earlier Regd. Office: 501, Silver Metropolis, Western Express Highway, Goregaon (E), Mumbai - 400 063.) www.zicom.com CIN: L32109MH1994PLC083391 IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH -I IA(I.B.C)/1566(MB)2026 Under Section 60(5) of Insolvency and Bankruptcy Code, 2016 read with Rule 11of The National Company Law Tribunal, Rules 2016 Central Bank of India ... Applicant Versus Chirag Rajendrakumar Shah, Resolution Professional of Zicom Electronic Security Systems Ltd. & ... Respondents In the matter of CP(IB) No. 610 of 2021 IDBI Bank Limited …Financial Creditor Versus Zicom Electronic Security Systems Limited …Corporate Debtor Order pronounced on : 24.09.2026 1 | Page IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH – 1 IA(I.B.C)/1566(MB)2026 in the matter of CP (IB) No. 610/MB/2021 Coram: Sh. Prabhat Kumar Sh. Sushil Mahadeorao Kochey Hon’ble Member (Technical) Hon’ble Member (Judicial) Appearances: Adv. Shadab Jan a/w Adv. Malavika Sachin for the Central Bank of India Adv. Rohit Gupta a/w Adv. Niyati Merchant for Respondent Adv. Rishi Thakur a/w Adv. Dhwani Gala for the Respondent No.2 ORDER Per: Coram 1. The present Interlocutory Application has been filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ("the Code") read with Rule 11 of the National Company Law Tribunal Rules, 2016 by the Applicant, Central Bank of India, a member of the Committee of Creditors (“CoC”) of Zicom Electronic Security Systems Limited against the Resolution Professional (“RP”), the CoC and the Advaita Trading Private Limited, the Successful Resolution Applicant (“SRA”) of the Corporate Debtor, seeking the following reliefs: a. a direction to the CoC to reconsider and modify the distribution mechanism under the Resolution Plan so as to ensure that the Applicant receives not less than the liquidation value of its security interest, having regard to its superior first charge; b. a direction to the Resolution Professional to recompute the minimum amount payable to dissenting Financial Creditors under Section 30(2)(b) of the Code, after considering the Page 2 of 13 IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH – 1 IA(I.B.C)/1566(MB)2026 in the matter of CP (IB) No. 610/MB/2021 priority and value of their respective security interests under Section 53 of the Code; c. an order restraining the Resolution Professional from filing or prosecuting the application for approval of the Resolution Plan in its present form until disposal of this application; and d. stay of the approval and implementation of the Resolution Plan pending disposal of the present application. 2. The Corporate Insolvency Resolution Process (“CIRP”) of the Corporate Debtor commenced pursuant to the order dated 29.07.2022 passed by this Tribunal in C.P. (IB) No. 610 (MB) of 2021 under Section 7 of the Code, whereby Mr. Huzefa Fakhri Sitabkhan, the Erstwhile Resolution Professional was appointed as the Interim Resolution Professional (“IRP”) and his appointment was confirmed in the second meeting of the Committee of Creditors (“CoC”) on September 21, 2022. Thereafter by order dated 04.09.2025, this Tribunal allowed IA No. 3522 of 2025 and appointed the present Resolution Professional (“RP”) replacing the Erstwhile IRP of the Corporate Debtor. 3. The Applicant submits that its claim of approximately ₹74.55 crore has been admitted by the Resolution Professional as secured financial debt and that it holds a 12.70% voting share in the CoC. It is further submitted by the Applicant that, under the security documents and as recorded in the Information Memorandum, the Applicant holds an exclusive and superior first charge over following assets: i. Movable machinery, fixtures, furniture, equipment and other fixed assets of the Corporate Debtor; ii. Immovable property known as "Zicom House", bearing Survey No. 301, C.S. No. C/160, Street No. 11, New No. 45, Chimbai Road, Bandra (West), Mumbai; Page 3 of 13 IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH – 1 IA(I.B.C)/1566(MB)2026 in the matter of CP (IB) No. 610/MB/2021 iii. Flat No. F-202, 1st Floor, Albert Court, Municipal No. 2/2, Albert Street, Richmond Town, Ward No. 76, Bangalore; iv. Second Charge on the current assets of the Corporate Debtor. 4. The Applicant further submits that, in addition to the aforesaid exclusive first charge, it holds, along with the other consortium lenders, a first pari passu charge over the entire present and future current assets of the Corporate Debtor and a second pari passu charge over the aforesaid immovable properties and movable fixed assets, subject to its exclusive first charge. 5. It is submitted that, at the 19th CoC meeting held on 06.06.2023, the CoC considered the distribution of the financial outlay under the Resolution Plan and resolved that the Financial Creditors could mutually determine the distribution mechanism, provided the total outlay remained unchanged. In the absence of consensus within the stipulated period, the pro-rata distribution proposed under the Resolution Plan would apply. The Applicant further submits that, during the deliberations, it and certain other CoC members objected to the proposed pro-rata distribution on the ground that it failed to account for the differing priority and value of their respective security interests. It is further submitted that, at the 19th CoC meeting held on 06.06.2023, the CoC, with 75.03% voting share, approved distribution of the amount allocated to Financial Creditors in the ratio of 40:60 between secured and unsecured Financial Creditors. 6. The Applicant submits that, despite the objections recorded in the minutes, the CoC approved the Resolution Plan with the pro-rata distribution mechanism. It is contended that the mechanism treats all secured Financial Creditors alike, without regard to the priority or realisable value of their respective security interests, and is therefore inconsistent with Section Page 4 of 13 IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH – 1 IA(I.B.C)/1566(MB)2026 in the matt [Showing first 8,000 characters — download PDF for full document]