Evoq Remedies Limited Admitted into Corporate Insolvency Resolution Process by NCLT

Evoq Remedies Limited Admitted into Corporate Insolvency Resolution Process by NCLT​

Evoq Remedies Limited has been admitted into the Corporate Insolvency Resolution Process (CIRP) following an application filed by M/s. Harbhole Agrotech, an operational creditor. The order, delivered on June 9, 2026, declares a moratorium over the company's assets and initiates the resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC).

The NCLT in Ahmedabad admitted the petition, confirming that there is existence of operational debt and default against Evoq Remedies Limited. The proceedings commenced after the initial application was filed on April 20, 2026.

M/s. Harbhole Agrotech claimed an operational debt amounting to Rs. 1,95,00,000/- due to the non-refund of an advance amount paid for the supply of goods. The transaction relates to a purchase order placed by M/s. Harbhole Agrotech dated April 25, 2025, for FSG Castor Oil, valued at Rs. 2,14,34,175/-.

The advance payments were acknowledged by Evoq Remedies Limited and included two installments:

• Rs. 1,20,00,000/ on July 31, 2025.
• Rs. 75,00,000/ on August 2, 2025.

The Operational Creditor maintained that despite the receipt of these advance amounts by Evoq Remedies Limited, neither were the goods supplied nor was the advance refunded. The date of default cited in the petition was September 1, 2025.

CIRP Appointment and Moratorium​

As part of the admission order, Ms. Dipti Narayan Mundra, Insolvency Professional, was appointed as the Interim Resolution Professional (IRP). The IRP is mandated to conduct the Corporate Insolvency Process as per the IBC regulations.

A moratorium under Section 14 of the IBC was declared, prohibiting various actions against the corporate debtor, including:

• The institution or continuation of suits against Evoq Remedies Limited.
• Transferring, encumbering, or alienating any of its assets.
• Any action to foreclose or enforce a security interest created by the Corporate Debtor.

This moratorium remains in effect until the completion of the CIRP, approval of a Resolution Plan, or an order for liquidation is passed by the Adjudicating Authority.

Next Steps and Financial Obligations​

The IRP is required to take full charge of the Corporate Debtor's assets within seven days of the order. The IRP must also submit a status report on asset control, including buildings, plant, machinery, and inventory comparisons, within 30 days.

To facilitate the initial steps of the CIRP, the Operational Creditor has been directed to pay the appointed IRP a sum of Rs. 3,00,000/ (Rupees Three Lakh only) in advance, exclusive of applicable taxes, within seven days from the date of the order. This amount is intended to cover initial costs such as issuing public notice and inviting claims.

Stock Price Movement​

Evoq Remedies Ltd settled at ₹2.73 in post-market trading today, suffering a notable decline of 5.86% compared to the previous close.
The shares experienced volatility throughout the session, moving within an intraday range spanning from a low of ₹2.54 to a high of ₹2.95.