Advik Capital Limited has escalated its ₹71.15 crore recovery case against Elitecon International Limited by initiating insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT), New Delhi Bench-VI, passed an order dated January 5, 2026, in the petition filed under Section 7 of the IBC, marking a significant development in the ongoing legal dispute.

NCLT Proceedings and Directions

The NCLT has issued comprehensive directions for the insolvency proceedings, establishing a structured timeline for legal submissions and responses:

The tribunal has directed Advik Capital to serve notice on Elitecon International through all prescribed modes and file proof of service before the next hearing date. The respondent company has been granted two weeks to file its reply from the date of notice service.

Background of Financial Dispute

The insolvency proceedings stem from the original loan recovery case where Advik Capital alleged a loan agreement dated August 12, 2024. The financial parameters of the disputed transaction include:

The Delhi High Court had earlier passed an interim order on December 10, 2025, restraining Elitecon International from creating third-party rights in assets except in ordinary business course, with proceedings scheduled for February 11, 2026.

Elitecon's Continued Denial and Defense

Elitecon International maintains its categorical denial of the loan allegations, describing the claims as "false, baseless and unsupported by genuine records." The company continues to assert that documents relied upon by Advik Capital appear fabricated and unauthorized, while committing to contest the allegations through appropriate legal channels.

Company Profile and Market Position

Advik Capital Limited operates as an RBI-registered Non-Banking Financial Company (NBFC) headquartered in New Delhi. The company focuses on providing loans and ancillary financial services, with Registration No. B-14.00724 from the Reserve Bank of India. As a BSE-listed entity with scrip code 539773, Advik Capital aims to expand operations and explore investment opportunities in the growing economy.

Current Status and Legal Framework

The NCLT proceedings represent the statutory process under the Insolvency and Bankruptcy Code for adjudication of claims arising from default in repayment obligations. This provides a structured judicial framework for enforcement of financial claims by regulated lenders. The matter remains pending before the NCLT New Delhi, subject to further orders and final adjudication, with parallel proceedings continuing in the Delhi High Court.

ADVIK Capital Limited has announced the results of its postal ballot voting process, which concluded on December 31, 2025, at 5:00 PM IST. The company sought shareholder approval on three key resolutions through remote e-voting, with mixed outcomes reported to the BSE on January 2, 2026.

Postal Ballot Resolution Overview

The company presented three resolutions for shareholder consideration through the postal ballot notice dated November 29, 2025:

Voting Results and Participation

The postal ballot witnessed participation from shareholders holding a total of 60,85,20,425 shares as on the cut-off date of November 21, 2025. The voting results demonstrated varying levels of support across different resolutions:

Resolution 1: Authorized Share Capital Increase

Resolution 2: Director Appointment

Resolution 3: Independent Director Appointment

Scrutinizer Report and Process

M/s. Shubhangi Agarwal & Associates, Practicing Company Secretaries, served as the appointed scrutinizer for the e-voting process. The scrutinizer was appointed by the Board of Directors on November 29, 2025, pursuant to Sections 108 and 110 of the Companies Act, 2013.

The remote e-voting process was conducted through National Securities Depository Limited (NSDL) platform, commencing from December 2, 2025, at 9:00 AM and concluding on December 31, 2025, at 5:00 PM. The votes were unblocked on December 31, 2025, in the presence of two independent witnesses.

Key Observations

The voting pattern revealed strong support from the promoter group across all resolutions, with 100.00% approval rates. However, public non-institutional shareholders showed significant opposition, with approximately 70% voting against each resolution. Despite this opposition, the first two ordinary resolutions achieved the required majority threshold, while the special resolution for independent director appointment, requiring a higher approval threshold, failed to pass.

The company has confirmed that the approved resolutions will be implemented as per the regulatory requirements, while the rejected special resolution will not proceed. All voting records and related documents remain in the safe custody of the scrutinizer until further authorization from the company's management.