Kobo Biotech News

Kobo Biotech's Committee of Creditors Approves Resolution Process Costs and Professional Fees

Kobo Biotech Limited's Committee of Creditors held its sixth meeting and approved several resolutions with high voting margins. The committee approved costs incurred by Resolution Professional Namrata Randeri from the last meeting with 99.12% voting share, authorizing her to operate bank accounts and manage expenses. Professional fees totaling Rs. 95,500 were ratified with 100% approval, including Rs. 15,000 for advocate M.S. Mano Ranjani for re-filing applications against tax departments, Rs. 40,000 for advocate V.S. Sharma Kollapudi for land document procurement, Rs. 80,500 for operational expenses at Solapur factory maintenance, and Rs. 20,000 additional fees for land building valuation updates. The committee also ratified the extension of time until April 15, 2025 for Prospective Resolution Applicants to submit resolution plans with 99.12% approval. All approved costs will be treated as Insolvency Resolution Process costs.

Kobo Biotech's Committee of Creditors Approves 90-Day Extension for Insolvency Resolution Process

Kobo Biotech Limited's Committee of Creditors held its fifth meeting and approved several key resolutions with 98.86% voting share. The committee approved a 90-day extension for the Corporate Insolvency Resolution Process from February 13, 2025 to May 14, 2025, requiring an application to be filed with NCLT Hyderabad Bench. Other approvals included ratification of expenses incurred by the Resolution Professional up to January 17, 2025, appointment of advocate M.S. Mano Ranjani with fees of Rs. 35,000-45,000 for filing the extension application, and appointment of a process advisor for evaluation of resolution plans. The committee also approved legal action against Commercial Tax Department Telangana to recover Rs. 1.97 crores from asset auction proceeds and ratified extension of time for Prospective Resolution Applicants to submit resolution plans until February 8, 2025. Namrata Randeri serves as the Resolution Professional authorized to operate bank accounts and execute these resolutions.

Kobo Biotech Limited Committee of Creditors Approves Multiple Resolutions Across Recent Meetings

Kobo Biotech Limited's Committee of Creditors (CoC) held multiple meetings between July and October 2025, making several key decisions during the Corporate Insolvency Resolution Process. In the Thirteenth Meeting (August 4, 2025), the CoC unanimously approved a 21-day extension for the successful resolution applicant to submit Performance Bank Guarantee from July 29, 2025, along with Resolution Professional fees of 1.5% of secured financial creditor payouts. The Twelfth Meeting (July 4, 2025) saw approval of various CIRP costs but rejection of the RP's performance-linked incentive fees. Notably, the CoC approved CVK Technologies Private Limited's resolution plan with 100% voting share while rejecting plans from four other applicants including Resurgent Property Ventures, Sun (Inox) Steels, Beaufond Industries, and Verity Knowledge Solutions. The Fourteenth Meeting (August 25, 2025) approved forfeiture of Rs. 1.05 crore deposited by the previous successful resolution applicant due to non-submission of Performance Bank Guarantee, and sought a 90-day extension beyond 375 days for the CIRP process. The Fifteenth Meeting (October 1, 2025) approved the Request for Resolution Plan and Bid Evaluation Matrix, along with another 90-day extension request beyond 435 days. The CoC also approved inclusion of a Rs. 72.55 lakh claim from Maharashtra GST Department in the creditor list. JM Financial Asset Reconstruction Company Limited holds 99.12% voting share in the committee.

Kobo Biotech Limited Committee of Creditors Approves Multiple Resolutions Including CIRP Extension and Professional Appointments

Kobo Biotech Limited's Committee of Creditors held multiple meetings from May to July 2025, approving several key resolutions. The Seventh Meeting approved Resolution Professional costs and operational expenses from December 2024 to April 2025, along with a 60-day extension of the Corporate Insolvency Resolution Process from May 15, 2025 to July 14, 2025. Legal fees of Rs. 3.5 lakh for extension applications and Rs. 75,000 for representing in matters filed by Avon Organics Limited Workers Union were also approved. The Tenth Meeting approved inclusion of a Rs. 14.2 lakh claim from Maharashtra GST Department as an operational creditor, with legal fees of Rs. 35,000. The Eleventh Meeting approved appointment of CA Asmita Gupta for income tax appeal matters for assessment years 2013-14 and 2014-15 at consolidated fees of Rs. 75,000. The Committee comprises JM Financial Asset Reconstruction Company Ltd (99.12% voting share) and Omkara Assets Reconstruction Private Limited (0.88% voting share). All resolutions received unanimous or near-unanimous approval.