Evoq Remedies enters insolvency over a ₹1.95 cr oil advance it never delivered.
The NCLT has admitted the nano-cap into CIRP after Harbhole Agrotech sued over an unpaid advance for FSG Castor Oil. A moratorium is now in place.
— 2 earlier stories on EVOQ Remedies Ltd. →What's new
- NCLT Ahmedabad admitted Evoq Remedies into CIRP on June 9 following Harbhole Agrotech's Section 9 petition.
- The debt stems from a ₹1.95 cr advance for FSG Castor Oil paid in September 2025, never delivered or refunded.
- An interim resolution professional has been appointed and a moratorium declared.
Why this matters
A ₹1.95 crore operational default has sunk a company with ₹7 crore in market value and near-zero revenue. This isn't a surprise. The auditor flagged a going-concern doubt in May, statutory dues went unpaid, and SEBI is already investigating. Insolvency formalises what the books have shown for months: the business is effectively dead.
What we're watching
- Whether any resolution plan emerges for a company with no revenue and active regulatory probes.
- The outcome of the SEBI investigation running parallel to the CIRP.
- Any additional creditor claims that may surface during the moratorium.
The full read
Evoq Remedies is in insolvency. The NCLT Ahmedabad admitted the ₹7 crore market-cap company into CIRP on June 9 after Harbhole Agrotech sued over a ₹1.95 crore advance for castor oil that was never delivered or refunded. The default date was September 2025. A moratorium is in place and an interim resolution professional has been appointed. This is the end of a long collapse. Revenue fell from ₹2,551 lakhs to ₹19 lakhs in a year. The auditor flagged a going-concern doubt last month. Statutory dues went unpaid. SEBI is investigating. The ₹1.95 crore that triggered this filing is roughly a quarter of Evoq's total market value, and the company reported ₹0 in sales in its most recent quarter. There is not much left to resolve.
Questions answered
- Who filed to bankrupt Evoq Remedies, and why?
- Operational creditor Harbhole Agrotech filed the Section 9 petition. It paid a ₹1.95 crore advance for FSG Castor Oil in September 2025 that Evoq never delivered and never refunded.
- How big is this default relative to the company?
- The ₹1.95 crore default is about 28% of Evoq's ₹7 crore market capitalisation. For a company that reported ₹0 in sales in the March 2026 quarter, it's the entire business.
- What does the CIRP admission mean for Evoq's operations?
- The NCLT has imposed a moratorium under Section 14, freezing most creditor claims and legal proceedings. An interim resolution professional now manages the company's affairs, and a resolution plan must be found within 180 days for the company to survive.
- Was this insolvency predictable?
- Yes. Evoq's auditor flagged a going-concern doubt in late May, revenue had collapsed to ₹19 lakhs from over ₹2,500 lakhs a year earlier, and the company disclosed an active SEBI investigation and unpaid statutory dues.
EVOQ Remedies Ltd.
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All notes on EVOQ →- 11 Jun 2026 · 5:16 PM IST Evoq Remedies enters insolvency over a ₹1.95 cr oil advance it never delivered.
- 1d ago Harbhole Agrotech files to bankrupt Evoq Remedies
- 12d ago EVOQ's auditor flags going-concern doubt as revenue vanishes and SEBI investigates