Talwalkars Better Value Fitness Limited has informed the Exchange about Corporate Insolvency Resolution Process
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness Limited has disclosed an NCLT Mumbai order dated 26 February 2026, passed in the liquidation proceedings of the company. The company was admitted into Corporate Insolvency Resolution Process (CIRP) on 11 January 2021 on Axis Bank's petition, and a liquidation order was passed on 28 April 2022. Mr. Ravikumar Gaurishankar Patel emerged as the Successful Bidder, acquiring the company as a going concern for Rs. 15 crore, with the Liquidator issuing a Sale Certificate on 23 January 2025. The NCLT has now granted key reliefs including cancellation of all existing equity shares (held by erstwhile promoters and public) without any payout, allotment of 95 lakh new shares (Rs. 10 face value) to the new promoters and 5 lakh shares to strategic/public investors, reconstitution of the Board of Directors, extinguishment of pre-acquisition liabilities of financial and operational creditors, and Section 32A immunity. The Tribunal rejected broader reliefs related to tax waivers, license continuity, and treatment of the sale as a resolution plan, stating these are beyond its jurisdiction.
Existing shareholders (promoters and public) will see their equity shares completely cancelled with no compensation, effectively wiping out their investment value. Post-acquisition, the new promoter will hold ~95% of the restructured equity, and the company will continue as a revived going concern under new management with fresh share capital of Rs. 10 crore. For the stock, it implies a complete change in business identity, capital structure, and ownership, with a potential relisting once procedural compliances are completed.