Zicom CIRP Update 2026: NCLT Hearing, RP Change Details

Why Zicom’s latest disclosures matter

Zicom Electronic Security Systems Ltd has drawn attention after a visible move in its stock price despite being under the Corporate Insolvency Resolution Process (CIRP). The company is a suspended counter in Group Z, with BSE scrip code 531404, NSE symbol ZICOM, and ISIN INE871B01014. The stock was last reported at ₹1.77, up 4.73% on the BSE close dated 28 August 2026. The move stands out mainly because the company remains in CIRP and has had no active operations for five years, as stated in the provided disclosures.

The latest updates consolidate around the tribunal stage, including a resolution plan application filed before the National Company Law Tribunal (NCLT), Mumbai Bench, and a referenced hearing date. Separately, the documents also point to changes in the insolvency professional handling the process and claim-related litigation during CIRP.

Snapshot: company identifiers and trading status

Zicom’s market identifiers are consistent across the disclosures and exchange references. The company is flagged as suspended in Group Z, which typically indicates restricted trading conditions. Even so, the BSE price reference is used by market participants to track sentiment in cases where insolvency milestones or tribunal actions are awaited.

While the disclosures do not report any operational turnaround or fresh business activity, they underline procedural movement within the CIRP framework, including filings, hearings, and professional appointments.

CIRP status and “no operations” disclosure context

The disclosures note that Zicom has had no active operations for five years. They also indicate that audited filings reflect large losses driven by exceptional items and write-offs rather than operations. This distinction matters because market interest in such cases often ties more closely to the resolution process itself rather than business performance.

In practical terms, the company’s near-term narrative is centered on whether and how the resolution plan progresses through the NCLT, and how claims and compliance issues are handled within the process.

NCLT Mumbai: resolution plan application and hearing reference

A BSE update dated 14 July 2026 is described as “Corporate Insolvency Resolution Process (CIRP) - Filing of Resolution plan with Tribunal”. It states that a Resolution Plan Application has been filed with the Hon’ble NCLT Mumbai Bench and that the next date of hearing is 17 July 2026.

Another excerpt in the provided material states that an application has been filed before the NCLT, Mumbai Bench seeking approval of a resolution plan under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the CIRP Regulations. At the time of that note, the application was stated to be “yet to be listed for first hearing”.

Taken together, the disclosures place the matter at the tribunal stage for approval, with at least one scheduled hearing date explicitly referenced as 17 July 2026.

CoC voting: Advaita Trading plan approved (as disclosed)

The material further states that as per results dated 19 August 2023, the resolution plan submitted by Advaita Trading Private Limited was approved with a 75.03% voting share. The disclosures presented do not provide plan terms or implementation details, but the voting result indicates that the Committee of Creditors (CoC) approved a plan, after which the matter moved toward the NCLT approval stage.

At the same time, the broader set of notes also includes a line stating that “The resolutions put to vote were not approved with requisite majority by the CoC.” The excerpt does not specify which resolutions this refers to, so it is not possible from the provided text alone to link that statement to a particular meeting item or plan event.

Resolution Professional replacement: NCLT order dated 04 Sep 2025

A key procedural change disclosed is the replacement of the Resolution Professional (RP). The disclosures state that Chirag Rajendrakumar Shah (Reg. No. IBBI-IPA-001/IP-P01169/2018-19/11837) was appointed as the Resolution Professional vide order of the Hon’ble NCLT dated 04 September 2025. This appointment was stated to be in replacement of the erstwhile Resolution Professional, Mr. Huzefa Fakhri Sitabkhan (Reg No. IBBI/IPA-001/IP-P00031/2017-18/10115).

The same set of notes also references that the replacement followed a resolution passed by CoC members in the Thirty Seventh CoC meeting in accordance with the Insolvency and Bankruptcy Code, 2016 and the CIRP Regulations, 2017.

A separate excerpt summarises the CoC vote as 76.826% in favour of replacing the RP, and states that fees were payable within three weeks.

Claim-related litigation: IA(I.B.C)/5957/MB/2024 and tribunal observations

The provided material references a matter titled Assistant Commissioner of CGST & Central Excise v. M/s. Zicom Electronic Security Systems Limited, before the NCLT Court-V, Mumbai Bench. It also lists a case identifier IA(I.B.C) - 5957/2024, with “Disposition in part” and “Section 60” of the Insolvency and Bankruptcy Code, 2016 referenced.

Within the excerpts, the applicant seeks directions relating to admission and approval of a belated claim even at a stage when the resolution plan had already been approved by the CoC and was pending. Another excerpt records an opinion that the resolution plan submitted by M/s Advaita Trading Private Limited is in non-compliance with Section 30(2) of the Code, 2016, citing statutory non-compliance and an NCLAT judgment. The excerpt then states that IA(I.B.C)/5957/MB/2024 is partly allowed and disposed off, with a timestamp shown as 10:54 AM, 29th Sep 2025.

The disclosures provided do not include the full text of the order, so the precise directions and their operational impact cannot be inferred beyond what is stated.

Registry and order-list references that frame the update

The broader document context mentions items like “Scrutiny Pendency Report as on 31st August 2026”, “Weekly Registry Defect List (Week Ending 18.09.2026) - New Delhi Bench”, and “SOP e-Certified Copy”. These references suggest ongoing administrative and registry processes that often run alongside substantive hearings and orders.

Separately, an order list includes an entry dated 06 Nov, 2025: “In the matter of Zicom Electronic Security Systems Ltd. [IA(I.B.C)/5957/MB/C-V/2024 in C.P.(IB)/610/MB/2021]” with remarks shown as “Other Claim Related”. This aligns with the claim-related strand referenced in the extracts.

Key facts table

Timeline of disclosed milestones

Market impact: what is explicitly supported by the disclosures

The only quantified market data in the provided text is the stock’s last reported price of ₹1.77 and the stated 4.73% rise on the BSE close dated 28 August 2026. The disclosures do not cite any operational recovery, revenue improvement, or business restart, and instead emphasise that Zicom has had no active operations for five years.

What the documents do show is procedural movement: a resolution plan approved by CoC (with a disclosed voting share), a resolution plan approval application filed at NCLT Mumbai Bench, and a referenced hearing date. They also show governance and process developments within CIRP, including the replacement of the RP and continuing claim-related adjudication.

Analysis: why the NCLT stage and claims matter in CIRP

For companies in CIRP, CoC approval is only part of the path. The disclosures indicate that Zicom’s process is at the stage where the plan is before the NCLT for approval, which is a key statutory step under the Code. The referenced hearing date of 17 July 2026, together with earlier notes that the application was yet to be listed for first hearing, signals that scheduling and listing remain important procedural milestones.

The claim-related excerpts highlight how late or disputed claims can surface even after the CoC has approved a plan. The references to statutory compliance under Section 30(2) and the “partly allowed” disposal of IA(I.B.C)/5957/MB/2024 indicate that the plan’s path may involve parallel claim adjudication and compliance scrutiny, based on what is stated in the extracts.

Conclusion

Zicom Electronic Security Systems remains under CIRP with no active operations for five years, while disclosures point to the tribunal stage of the resolution plan process. The company has reported that a resolution plan application has been filed with the NCLT Mumbai Bench, with a hearing date referenced as 17 July 2026, and it has also disclosed a change in the Resolution Professional through an NCLT order dated 04 September 2025. The next confirmed step in the disclosures is the NCLT hearing schedule and any subsequent tribunal directions on the plan and pending claim matters.