Intelligence note
Bought back from an approved liquidation. Registered valuers put fair value at Rs 78,000 and liquidation value at Rs 14,000 - the company held effectively nothing. With no EoIs received, the CoC (sole member: Ashika Global Securities, admitted claim Rs 8.63 Cr) voted 100% for liquidation in Feb 2025, but held the filing to keep exploring resolution. A plan from Mr. Bijay Kumar Dokania - Rs 45 lakh plus CIRP costs, paid within 30 days - then arrived and was approved unanimously in the 14th CoC meeting on 16.09.2025.
Case details
CIN
U51909MH2005PTC154967
Incorporated
2005
Registered State
Maharashtra
NCLT Bench
Mumbai
Initiated by
OC — Ashika Global Securities Private Limited
Defunct / BIFR
1
Commencement
02 Nov 2023
Outcome Date
23 Feb 2026
Admitted Claims
₹48.26 Cr
Liquidation Value
₹0.07 Cr
Fair Value
₹0.39 Cr
Realisable Amount
₹0.45 Cr
Recovery vs Claims
0.93%
Recovery vs LV
642.9%
NCLT Mumbai: median 550 days admission → verdict · 34% of concluded matters ended in plan approval (n=1,203, full record) · all benches →
Recent movement
30 Dec 2024
Expressions of interest invited
RP: Mr. Shailesh Bhalchandran Desai
31 May 2025
Expressions of interest invited
RP: Mr. Shailesh Bhalchandran Desai
23 Feb 2026
Resolution plan approved
Acquired by Mr. Bijay Kumar Dokania
Haircut 99.07%
Haircut 99.07%
Valuations & recovery
Fair value
₹0.39 Cr
Liquidation value
₹0.07 Cr
Recovery vs fair value
115.38%
Recovery vs liquidation value
642.9%
liquidation value ₹0.07 Cr — the ratio is unstable at this scale
liquidation value ₹0.07 Cr — the ratio is unstable at this scale
The plan
Successful applicant
Mr. Bijay Kumar Dokania
CoC approval
100.00% voting share · 14th meeting · 16 Sep 2025
How the plan pays
·Aggregate amount of Rs 45 lakh plus 100% of CIRP costs on actuals
·Full payment within 30 days of plan approval by the Adjudicating Authority
·CIRP costs paid in full and on priority over all other debts
Curated verbatim from the NCLT plan-approval order - the authoritative per-case record. Contingent components pay only if their conditions occur.
EoI / Form-G detail
Plan submission by
07 Jun 2025
⚠ IBBI rp-process tab, scraped 28/30-Aug-2026.
Form-G rounds — plans invited 2 times since Dec 2024
Each row is one complete invitation round from IBBI's register. Repeated rounds are the process telling you how the market answered.
Case timeline
02 Nov 2023
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
30 Dec 2024
Expressions of interest invited
RP: Mr. Shailesh Bhalchandran Desai
31 May 2025
Expressions of interest invited
RP: Mr. Shailesh Bhalchandran Desai
23 Feb 2026
Resolution plan approved
Acquired by Mr. Bijay Kumar Dokania
Haircut 99.07%
Haircut 99.07%
2 years 3 months elapsed · admission → resolution
Company
Legal name
EVYAVAN MERCANTILE PRIVATE LIMITED
Type
Private · Company limited by shares
Listing
Unlisted
Incorporated
21 Jul 2005
Authorised capital
₹2 Cr
Paid-up capital
₹2 Cr
Industry (MCA)
Trading
ROC
ROC Mumbai
Company status
Active — company survived resolution
Registered address
SAJAY BUSINESS HUB, O/NO.803, 8TH FLOOR,SIR M. V. ROAD, NEAR ANDHERI METRO STATION,Mumbai,Mumbai,Maharashtra,400069-India
Source: MCA Company / LLP Master Data — registry snapshot; figures are as on the stated date, not live.
Claims filing history
Creditor classes with claims on file (latest version) — a chip with ↓ opens the filed creditor list, with per-creditor claimed and admitted amounts
Government dues ↓
Secured financial creditors
Amounts from the filed lists’ own totals rows (latest version, as on 25 Oct 2024) — classes whose list prints a total
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Unsecured financial creditors | ₹55.6 Cr | ₹8.6 Cr | 16% |
| Government dues | ₹1.1 Cr | ₹1.1 Cr | 100% |
| Total of listed classes | ₹56.7 Cr | ₹9.7 Cr | 17% |
Of ₹56.7 Cr claimed across these classes, ₹9.7 Cr stands admitted — 17 paise per ₹1 claimed made it past verification.
v1 · latest
as on 25 Oct 2024 · filed by Mr. Shailesh Desai
IBBI claims register, filed by the professional under the CIRP/liquidation regulations · a re-filed version means claims were re-verified · amounts, where shown, are the filed lists’ own printed totals, verbatim (rupees) — classes without a printed totals row carry no figure here.
Committee of creditors
Ashika Global Securities Pvt. Limited
Financial Creditor (sole CoC member)
₹8.63 Cr
100.00% vote
100.00% vote
About this data: Case data is assembled from NCLT/NCLAT orders, IBBI public announcements, quarterly outcome records and the MCA registry. See how every number is sourced, checked and corrected →.
Report an error →
This case vs Trading & Distribution
Haircut99.1%
typical for this sector 77.9% · median of 103
Recovery vs liquidation value642.9%
typical for this sector 116.8% · median of 96
liquidation value ₹0.07 Cr — the ratio is unstable at this scale
liquidation value ₹0.07 Cr — the ratio is unstable at this scale
71% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution844 days
typical for this sector 638 days · median of 106
Size rank in sector#50 of 106
Medians across every recorded Trading & Distribution resolution in stressed.in's IBBI universe — the median, not the average, because these distributions are skewed and the average of the recovery ratio is not a meaningful number. The Code sets a 330-day outer limit; 72% of concluded cases exceed it (n=4,549). How these are computed →
Key parties
Resolution Professional
21 IBBI mandates · 385.7% of liquidation value realised across concluded work
IRP at commencement · replaced
Shailesh Bhalchandran Desai → · Nov 2023
◆ RP changed during CIRP — IRP was replaced
CIRP initiated by
Ashika Global Securities Private Limited OC
Resolution applicant
Mr. Bijay Kumar Dokania
Mr. Bijay Kumar Dokania - individual resolution applicant; Chartered Accountant, Cost Accountant and LLB with over four decades in finance, taxation, investments, M&A and real estate
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