Harbhole Agrotech files to bankrupt Evoq Remedies
An operational creditor has moved the NCLT to start insolvency against Evoq Remedies, a nano-cap with a going-concern qualification, unpaid taxes, and a SEBI probe.
— 1 earlier story on EVOQ Remedies Ltd. →What's new
- Harbhole Agrotech filed a Section 9 insolvency application at NCLT Ahmedabad on 20th April 2026.
- Evoq Remedies disclosed the filing on 10th June, two months after it was made.
- The company had already disclosed a going-concern qualification, unpaid dues of ₹100 lakhs, and an active SEBI investigation.
Why this matters
This is the creditor pulling the emergency brake. For a company already carrying a going-concern qualification, with no material revenue and a market cap of just ₹7 crore, a Section 9 filing is not a procedural hurdle—it's the likely beginning of the end. The two-month disclosure lag adds another governance red flag.
What we're watching
- NCLT's decision on whether to admit the insolvency application.
- Whether other creditors follow Harbhole Agrotech's lead.
- The status of the ongoing SEBI investigation into Evoq.
The full read
Evoq Remedies is a nano-cap with a market cap of ₹7 crore, a going-concern qualification, and a SEBI investigation already on its books. Now it has a creditor at the door. Harbhole Agrotech filed a Section 9 insolvency application at the NCLT in Ahmedabad on 20th April, seeking to start a corporate insolvency resolution process. Evoq disclosed the filing on 10th June, a two-month lag. The company had already reported near-complete business cessation, unpaid taxes and TDS of ₹100 lakhs, and unconfirmed related-party loans of ₹670 lakhs. A creditor taking this step against a company with a going-concern qualification is a terminal signal. If the NCLT admits the application, the equity has almost no path to recovery.
Questions answered
- Who filed the insolvency application against Evoq Remedies?
- Operational creditor Harbhole Agrotech filed the Section 9 application at the NCLT in Ahmedabad on 20th April 2026. Evoq only disclosed it to the market on 10th June.
- What was Evoq Remedies' financial state before this filing?
- The company had already disclosed a going-concern qualification in its FY2026 audit, near-complete business cessation, unpaid income tax and TDS of ₹100 lakhs, and an active SEBI investigation. It also has unconfirmed related-party loans of ₹670 lakhs.
- How significant is the ₹7 crore market capitalisation in this context?
- The company's total market value is just ₹7 crore, meaning the insolvency filing itself is nearly as large as the entire equity value. This underscores the minimal residual value for shareholders if proceedings advance.
- What does a Section 9 filing mean for Evoq Remedies?
- It means a creditor is asking the tribunal to declare Evoq insolvent and begin a resolution process. If admitted, the company's management loses control to a resolution professional, and existing equity holders typically get wiped out in a restructuring.
Story so far
All notes on EVOQ →- 10 Jun 2026 · 6:12 PM IST Harbhole Agrotech files to bankrupt Evoq Remedies
- 11d ago EVOQ's auditor flags going-concern doubt as revenue vanishes and SEBI investigates