Kobo Biotech Ltd’s resolution plan from Beaufond Industries has been approved by the NCLT. The company, however, remains non-operational and under insolvency proceedings, with a reduced net loss for FY24.
FY 2023-24 Net Loss: (₹4.93) Crore
FY 2022-23 Net Loss: (₹5.55) Crore
Reader Takeaway: Insolvency proceedings continue despite NCLT approval of a revival plan; operations remain suspended.
What Just Happened
Kobo Biotech Ltd. reported a net loss of ₹4.93 crore for the fiscal year 2023-24, a marginal improvement from a loss of ₹5.55 crore in the previous year. The company generated no revenue from operations, with its manufacturing facility in Solapur remaining non-operational. A significant development is the National Company Law…