Approval of Resolution Plan and receipt of Order from NCLT
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The Hon'ble NCLT Hyderabad Bench-I has approved the Resolution Plan submitted by Beaufond Industries Limited for Kobo Biotech Limited under Section 31 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on August 13, 2024, and the plan was approved by the Committee of Creditors with 100% voting share on March 17, 2026. The plan provides for acquisition as a going concern with a composite restructuring including capital reduction, fresh equity issuance to the SRA, and a scheme of amalgamation/demerger. The total plan value is approximately Rs. 70.11 Crores against admitted claims of Rs. 353.59 Crores, representing an 80.82% haircut for creditors. The company will be renamed 'Beaufond Limited' and listing status will be maintained with minimum 2% public shareholding. Implementation must be completed within 60 days from NCLT approval date.
Existing shareholders face complete cancellation of their share capital with no payment. Creditors will receive only 19.18% of their admitted claims. The stock may experience significant volatility as the restructuring involves capital reduction, fresh equity issuance to the new promoter, and potential changes in company identity.