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.

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.

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:

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.