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 (ISIN: INE178T01024) has recently made a significant disclosure regarding a visit by Enforcement Directorate (ED) officials to premises associated with the company's promoter. This development has raised questions about potential regulatory scrutiny, although the company maintains that the visit has no direct impact on its operations or financials.

Key Details of the ED Visit

• Visited Locations:
  • Promoter's residence
  • Office of another entity where the promoter holds interest
• Nature of Visit: Related to a decade-old matter involving unrelated third parties
• Company's Stance: No dealings or underlying interests with the involved parties
• Outcome: Visit concluded without adverse outcome
• Impact on Advik Capital: No direct visit or communication to the company

Company's Official Statement

In its official communication to the BSE Limited, dated November 13, 2025, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Advik Capital emphasized the following points:

1. The matter under investigation is approximately a decade old.
2. It involves third parties unrelated to the company or its promoter's interests.
3. The company asserts that the inquiry has no bearing on Advik Capital's business or financial position.
4. The disclosure was made to ensure transparency and prevent speculation.

Implications and Outlook

While the ED visit to the promoter's premises might raise concerns among investors, Advik Capital has been quick to clarify that the company itself has not been directly approached by the authorities. The management's prompt disclosure aims to maintain transparency and mitigate potential market speculation.

Investors and stakeholders should note that regulatory inquiries, even when not directly involving the company, can sometimes impact market sentiment. However, based on the information provided, Advik Capital maintains that its operations and financials remain unaffected by this development.

As the situation evolves, market participants will likely keep a close eye on any further disclosures or developments related to this matter. It remains crucial for investors to consider this information in the context of the company's overall performance and regulatory compliance track record.

Advik Capital's proactive approach in disclosing this information aligns with regulatory requirements and demonstrates a commitment to keeping shareholders informed about potentially material events, even when they are indirectly related to the company's affairs.