# JM Financial Asset Reconstruction Company Limited vs. Kobo Biotech Limited

> NCLT judgment dated 2026-05-11. Citation: TCN-2026-NCLT-00517. The Corporate Insolvency Resolution Process (CIRP) for Kobo Biotech Limited (Corporate Debtor)…

- **Court:** NCLT
- **Order date:** 11 May 2026
- **Citation:** TCN-2026-NCLT-00517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/jm-financial-asset-reconstruction-company-limited-vs-kobo-biotech-limited-ykz5d

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Kobo Biotech Limited (Corporate Debtor) was initiated on August 13, 2024, following the admission of CP(IB) No. 277/7/HDB/2023. Shri Ravindra Chaturvedi was initially appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP). Subsequently, Ms. Namrata Amol Randeri was appointed as RP by the Committee of Creditors (CoC) and confirmed by the Adjudicating Authority. The CoC was constituted, comprising JM Financial ARC Ltd and Omkara ARC Ltd. An initial resolution process failed when the successful resolution applicant, CVK Technologies Pvt Ltd, failed to furnish a performance bank guarantee, leading to the revocation of the Letter of Intent and forfeiture of the deposited

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## Facts

The present Application (IA (IBC) (Plan) 01/2026) was filed by the Resolution Professional of M/s Kobo Biotech Limited (Corporate Debtor) under Section 30(6) read with Section 31 of the IBC, 2016.

The application sought approval of the Resolution Plan dated 04.03.2026 submitted by Beaufond Industries Limited (Successful Resolution Applicant/SRA).

The Resolution Plan was approved by the Committee of Creditors (CoC) with 100% voting share in its 20th meeting held on 17.03.2026.

The Corporate Insolvency Resolution Process (CIRP) of Kobo Biotech Limited was initiated pursuant to admission of CP (IB) No. 277/7/HDB/2023 on 13.08.2024.

Shri Ravindra Chaturvedi was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Beaufond Industries Limited complies with the provisions …

**Ratio:** Section 30(2) of the IBC, 2016, mandates that a resolution plan must provide for the

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**Reasoning:** The Resolution Professional confirmed that the plan meets all requirements of Section

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**Interpretation:** Section 30(2) sets the statutory benchmarks for the content and structure of a

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**Application:** The NCLT, after scrutinizing the Resolution Plan, found that it explicitly

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** JM Financial…; Namrata Amol…; +1 more
- **Respondents:** Kobo Biotech…
- **Other parties:** JM Financial ARC…; Omkara AR…; +5 more
- **Advocates:** Mano Ra…; M. Rama…; +1 more

## Timeline

- **2024-08-13 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Kobo Biotech Limited initiated pursuant…
- **2024-08-17 — Public Annou…**: The IRP made a public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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