Intelligence note
Admitted 2 Nov 2023 by the Mumbai bench on a petition by Ashika Global Securities Private Limited (a financial creditor). Plan from Mr. Bijay Kumar Dokania approved 23 Feb 2026, 844 days after admission (resolved-case median: 630 days). Creditors realise 0.93% of ₹48.26 Cr admitted; haircut 99.1% (median 78.0% across resolutions).
With no EoIs received, the CoC voted 100% for liquidation in Feb 2025 but held back the filing to keep exploring resolution; registered valuers put the liquidation value at ₹7,000. A plan from Bijay Kumar Dokania, ₹45.00 lakh plus CIRP costs, was then approved unanimously by the CoC on 16 Sep 2025. On 7 May 2026 NCLT held a ₹1.38 Cr repayment to a suspended director preferential and ordered it refunded.
With no EoIs received, the CoC voted 100% for liquidation in Feb 2025 but held back the filing to keep exploring resolution; registered valuers put the liquidation value at ₹7,000. A plan from Bijay Kumar Dokania, ₹45.00 lakh plus CIRP costs, was then approved unanimously by the CoC on 16 Sep 2025. On 7 May 2026 NCLT held a ₹1.38 Cr repayment to a suspended director preferential and ordered it refunded.
Case details
CIN
U51909MH2005PTC154967
Incorporated
2005
Registered State
Maharashtra
NCLT Bench
Mumbai
Petition
CP (IB) 683-MB-2022
Initiated by
FC — Ashika Global Securities Private Limited
Commencement
2 Nov 2023
Outcome Date
23 Feb 2026
Admitted Claims
₹48.26 Cr
Liquidation Value
₹0.07 L
Fair Value
₹0.39 L
Realisable Amount
₹45.00 L
Recovery vs Claims
0.93%
NCLT Mumbai: median 550 days admission → verdict · 34% of concluded matters ended in plan approval (n=1,269, full record) · all benches →
Plan at a glance
The deal
₹45.00 lakh plus CIRP costs at actuals
Winning plan
Bijay Kumar Dokania, with 100% of the CoC vote
Shares
Existing share capital is cancelled on approval; share extinguishment, allotment and capital reduction do not require shareholder or other authority consent.
Payout period
T + 30 Working days for CIRP Cost and for Unsecured Financial Creditors - Non-Related Parties (Assenting)
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 48.26 | 0.45 | 0.93% |
| Operational and other creditors | 0.00 | 0.00 | – |
| All creditors | 48.26 | 0.45 | 0.93% |
All creditors together: about 1 paise for every ₹1 of admitted claims.
Recent movement
30 Dec 2024
EoI deadline
RP: Shailesh Bhalchandran Desai
31 May 2025
EoI deadline
RP: 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 L
Liquidation value
₹0.07 L
The plan
Successful applicant
Mr. Bijay Kumar Dokania
CoC approval
100% voting share · 14th meeting · voted 16 Sep 2025
How the plan pays
·Aggregate payment of ₹45.00 lakh plus 100% of CIRP costs on actuals, paid in full within 30 days of NCLT approving the plan. CIRP costs are paid in full and ahead of all other debts.
EoI / Form-G detail
Dates as captured from IBBI on 30 Aug 2026
Case timeline
2 Nov 2023
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
30 Dec 2024
EoI deadline
RP: Shailesh Bhalchandran Desai
31 May 2025
EoI deadline
RP: 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
₹2.00 Cr
Paid-up capital
₹2.00 Cr
Industry (MCA)
Trading
ROC
ROC Mumbai
Company status
Active
Registered address
Sajay Business Hub, O/NO.803, 8TH Floor, Sir M. V. Road, Near Andheri Metro Station, Mumbai, Mumbai, Maharashtra, 400069, India
Claims filing history
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Unsecured financial creditors | ₹55.65 Cr | ₹8.63 Cr | 16% |
| Operational creditors | ₹4.04 Cr | ₹1.15 Cr | 29% |
| Total of listed classes | ₹59.69 Cr | ₹9.78 Cr | 16% |
Of ₹59.69 Cr claimed across these classes, ₹9.78 Cr stands admitted — 16 paise per ₹1 claimed made it past verification.
v1 · latest
as on 25 Oct 2024 · filed by Shailesh Desai
Committee of creditors
Ashika Global Securities Pvt. Limited
Financial Creditor (sole CoC member)
₹8.63 Cr
100.00% vote
100.00% vote
Sources, basis and disclaimers → ·
report an error
This case vs Trading & Distribution
Haircut99.1%
typical for this sector 80.6%
Time to resolution844 days
typical for this sector 638 days
Size rank in sector#57 of 118
Key parties
Resolution Professional
46 IBBI mandates · 3 of 4 resolved plans beat the liquidation floor
IRP at commencement
Shailesh Desai → · Nov 2023
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
Ashika Global Securities Private Limited FC
Resolution applicant
Mr. Bijay Kumar Dokania
About the applicant
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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