Regulatory11 May 2026, 07:42 pm
Kobo Biotech: NCLT Approves Resolution Plan
AI Summary
The National Company Law Tribunal (NCLT), Hyderabad Bench-I, approved the resolution plan for Kobo Biotech Limited submitted by Beaufond Industries Limited under Section 31 of the Insolvency and Bankruptcy Code, 2016. The resolution plan, approved by the Committee of Creditors with 100% voting share, contemplates the acquisition of Kobo Biotech as a going concern, including restructuring and revival of business operations. Key features include reduction of existing share capital, issue of fresh equity shares, retention of minimum public shareholding, and a composite scheme of amalgamation and arrangement.
Key Highlights
- NCLT approved Beaufond Industries' resolution plan for Kobo Biotech on May 11, 2026.
- The Resolution Plan was approved by the Committee of Creditors with 100% voting share on March 17, 2026.
- Plan includes acquisition of Kobo Biotech as a going concern with business restructuring.
- Existing share capital will be reduced, and fresh equity shares will be issued to the acquirer.
- The approved plan provides for payment of CIRP costs and settlement of creditors.