Bought back from the brink: a resolution after the CoC voted to liquidate
A ₹14,000 liquidation value, a 100% vote to shut it down — and the plan that arrived anyway.
On paper, Evyavan Mercantile was finished. Registered valuers put fair value at ₹78,000 and liquidation value at ₹14,000 — a company that held effectively nothing. Form G drew no expressions of interest, and in February 2025 the Committee of Creditors (a single member, Ashika Global Securities, with an admitted claim of ₹8.63 crore) voted 100% in favour of liquidation.
Then the sole creditor did something the statistics say almost never happens: it asked the resolution professional to hold the liquidation filing and keep the door open. Months later a plan arrived from an individual — Mr. Bijay Kumar Dokania, a chartered accountant — offering ₹45 lakh plus CIRP costs, payable within 30 days. The CoC approved it unanimously in its 14th meeting, and the NCLT confirmed it in February 2026.
Two lessons. For creditors: a liquidation vote is not the end of the auction — a held filing costs little and preserved a recovery here that liquidation could never have produced against a ₹14,000 floor. For buyers: the "dead" cases in the feed are still purchasable — a clean corporate shell with its slate wiped by Section 31 has a price, and sometimes that price is ₹45 lakh.