Kobo biotech Limited has formally communicated to BSE Limited regarding its status under SEBI's Large Corporate framework, confirming that it does not fall under the category of 'Large Corporate' as of March 31, 2026.
Regulatory Compliance Communication
The company's confirmation was made in reference to specific SEBI circulars governing fund raising through debt securities issuance by large entities. The communication specifically cited two key regulatory documents that establish the framework for Large Corporate classification.
Regulatory Reference: Details Primary Circular: SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018 Operational Circular: SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021 Assessment Date: March 31, 2026 Classification Status: Not a Large Corporate
SEBI Framework Adherence
The confirmation was made under Chapter XII of the SEBI Operational Circular, which provides applicability criteria for determining Large Corporate status. This classification is crucial for companies as it determines their obligations regarding debt securities issuance and related compliance requirements.
Corporate Resolution Process
The communication was signed by IP Namrata Amol Randeri, Resolution Professional, indicating that Kobo Biotech Limited is currently undergoing corporate insolvency resolution process. The Resolution Professional holds IBBI registration number IBBI/IPA-001/IP-P01585/2019-2020/12495, with AFA validity until December 31, 2025.
Corporate Details: Information Company Name: Kobo Biotech Limited CIN: L24110TG1993PLC16112 Scrip Code: 531541 Resolution Professional: IP Namrata Amol Randeri Process Email: cirp.kobobiotech@gmail.com
The company has requested BSE Limited to take this confirmation on record and acknowledge the same, ensuring compliance with regulatory requirements under the SEBI framework for Large Corporate classification.
Kobo Biotech Limited , a company undergoing Corporate Insolvency Resolution Process (CIRP), has seen significant developments in its restructuring efforts. The company's Committee of Creditors (CoC) held several meetings, including a recent sixth meeting, approving a series of important resolutions.
Key Approvals
The CoC meetings resulted in several key approvals:
Resolution Plan Approval
In the Twelfth Meeting, the CoC approved CVK Technologies Private Limited's resolution plan with 100% voting share, while rejecting plans from four other applicants.
CIRP Extension
The Fifteenth Meeting approved a 90-day extension beyond the current 435-day period, extending the CIRP from October 31 to January 29. Additionally, in the most recent meeting, the committee ratified the extension of time until April 15, 2025 for Prospective Resolution Applicants to submit resolution plans with 99.12% approval.
Performance Bank Guarantee
The Thirteenth Meeting unanimously approved a 21-day extension for the successful resolution applicant to submit Performance Bank Guarantee from July 29.
Resolution Professional Fees and Costs
The CoC approved Resolution Professional fees of 1.50% of secured financial creditor payouts. In the recent sixth meeting, 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 Ratification
The committee ratified professional fees totaling Rs. 95,500 with 100% approval, including:
Purpose Amount (Rs.) Re-filing applications against tax departments 15,000 Land document procurement 40,000 Solapur factory maintenance 80,500 Additional fees for land building valuation updates 20,000
Forfeiture of Deposit
In the Fourteenth Meeting, the CoC approved the forfeiture of Rs. 1.05 crore deposited by the previous Successful Resolution Applicant due to non-submission of the Performance Bank Guarantee.
Resolution Plan Process
The Fifteenth Meeting approved the Request for Resolution Plan (RFRP) and Bid Evaluation Matrix for consideration of Resolution Plan(s).
Creditor List Update
The CoC approved the inclusion of a Rs. 72.55 lakh claim from Maharashtra GST Department in the creditor list.
Financial Creditors
JM Financial Asset Reconstruction Company Limited holds a dominant position in the CoC with a 99.12% voting share.
Conclusion
These developments indicate that Kobo Biotech Limited's insolvency resolution process is progressing, with the CoC taking active steps to facilitate the resolution. The extension of the CIRP period, approval of a resolution plan, and ratification of various professional fees and costs suggest that the committee is working towards finding a viable solution for the company's financial situation.
Investors and stakeholders should note that the insolvency resolution process is ongoing, and the final outcome remains to be determined. The company's future will depend on the successful implementation of the approved resolution plan and any further decisions made by the CoC.
We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.
Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.
As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation. We plan to change that - a technology-led platform built for super traders and long term investors.