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19 Aug 20264 filings
CIRP status
- CIRP ongoing; NCLT replaced RP on 4 Sep 2025 with Chirag Shah.
- CoC considerations include reconsideration of the resolution plan; CIRP extensions possible.
Governance / RP changes
- Chirag Rajendrakumar Shah appointed RP; powers of the Board suspended; RP acts on CoC behalf.
- CFO and Company Secretary had resigned earlier; positions remained vacant during CIRP.
Financial statements / going concern
- Audited standalone FY2025-26 results submitted; adverse opinion due to going-concern uncertainties.
- Financials prepared on going-concern basis; CIRP context casts material doubt on ability to continue.
Financial position / liabilities
- Total current borrowings Rs 120,320.89 lakh; corporate guarantees invoked Rs 129,268.37 lakh.
Claims & recoveries
- Admitted CIRP claims total Rs 129,268.37 lakh; National Skill Development Corporation claim Rs 2,069.96 lakh; recovery uncertain.
Assets / valuations
- Fresh asset revaluation by Registered Valuer; final values not disclosed until resolution plan finalised.
Regulatory / compliance
- Note 47 cites SEBI LODR non-compliance; CFO/CS vacancies; AGM not held; CIRP moratorium ongoing.
Resolution plan status
- Second-round resolution plan was approved by CoC; directed for reconsideration; status remains unresolved.
Status & Governance
- CIRP ongoing; Chirag Shah appointed RP by NCLT on 4 Sep 2025, replacing prior RP.
- CoC meetings in 2025 approved replacement RP and ongoing oversight by RP.
Resolution Plan & NCLT Actions
- Resolution plan approved by CoC; filed with NCLT; pronouncement reserved for May 16, 2024.
- NCLT pronouncement on June 3, 2025; directed CoC to reconsider aspects.
Financials & Going Concern
- FY2024-25 standalone statements submitted; adverse opinion due to going-concern and related issues.
- Going concern note cites material uncertainty; CIRP extended by 1,039 days; expiry approaching.
- CFO and Company Secretary resigned in 2021-22; operations managed by RP.
Claims & Creditors
- Total admitted CIRP claims around INR 12,719.84 crore; unsecured creditors dominate.
- Willful defaulter status for IDBI Bank; default amount around INR 47,052.41 lakh.
Assets & Legal Matters
- Registered Valuer revalued CIRP assets; final values withheld until resolution plan finalised.
CIRP status & governance
- CIRP ongoing; Chirag Shah appointed as RP, confirmed by NCLT on 4 Sep 2025.
- Second-round resolution plan approved by CoC; sent back for reconsideration by order in 2025.
- Maximum CIRP period nearing; 1,039 days excluded; 330-day limit approaching.
- 40th CoC meeting on 17 Nov 2025 and 4th on 1 Dec 2025 discussed key matters.
Financials & creditor status
- Audited FY2023-24 standalone statements submitted; auditor issued adverse opinion.
- Material going-concern uncertainty noted; CIRP ongoing; outcome dependent on CoC resolution.
- Total admitted CIRP claims ~ Rs 1,27,198.41 Lakhs; secured and unsecured portions.
- Willful defaulter status declared by IDBI and others; large default amounts.
- Brand transfer dispute with ZSPL; Rs 2,209.96 Lakhs paid; arbitration pending.
- Auditors note internal control weaknesses; disclaimer on internal financial controls.
Current CIRP status
- CIRP ongoing; NCLT replaced RP with Chirag Shah on 04 Sep 2025.
- 37th CoC meeting (02-Jul-2025) approved replacement of RP.
- New RP took over management and operations on 04 Sep 2025.
- Maximum CIRP period extended; 1,039 days excluded; base period nearing expiry.
- CFO and Company Secretary resigned earlier; positions vacant under CIRP.
Financials & governance
- Auditors adverse opinion on FY2023 Ind AS financial statements.
- Going concern uncertain due to CIRP and huge losses eroding net worth.
- FY2022-23 loss reported as INR 10,813.16 million.
- Total admitted CIRP claims around INR 12,719.84 million across lenders.
- Corporate guarantees invoked totaling INR 79,727.09 lakhs.
14 Jul 20261 filing
Proceedings and dates
- NCLT Mumbai delivered order on 02.07.2026 in IA/1566/2026 (IDBI Bank v. Zicom).
- IA(PLAN)/32/2026 and IA/1566/2026 listed for further consideration on 17.07.2026.