Incorporated in 1992, Kanel Industries Limited is primarily engaged in bulk trading of castor seed oil, cottonseed oil, groundnut oil, sunflower oil, palmolein oil and soybean oil.
Legacy Business & Current Operations:
Kanel was historically engaged in edible and non-edible oils. Its Naroda manufacturing unit had remained inoperative for years and the plant and machinery were sold in FY21; the company is currently out of business for a long time.
Revenue Breakup - FY26:
An operating restart is yet to show in the accounts: revenue from operations was
nil in FY25 and remained nil in FY26:
Insolvency Resolution & Capital Reset:
On 23 October 2024, the NCLT approved the resolution plan submitted by Ardent Ventures LLP.
The approved plan provided ₹14.96 Cr.
for the secured financial creditor and
₹1 crore for working-capital requirements;
its principal funding was a ₹14.96 crore debt-to-equity conversion, supplemented by unsecured loans.
Claims not provided for in the plan and pre-plan encumbrances on the company's assets were extinguished, while management was to be handed to a board nominated by the successful resolution applicant.
As part of implementation, 19 November 2024 was fixed as the record date for reduction of share capital and allotment of reduced equity shares.
New Promoters & Strategic Direction
The reconstituted board identifies Keyoor Bakshi as promoter, executive director and CFO, and Harshit Kachchhi as promoter and non-executive director.
After insolvency, management stated that it intended to enter other viable businesses. Shareholders subsequently approved a broader main-object clause covering real-estate/project development and the manufacture or trading of food, consumer, commercial, industrial and household products.
This creates a potential shift away from the legacy oil-only business, although no specific new operating project had generated revenue through FY26.
Funding the Proposed Restart:
On 9 July 2026, shareholders approved an enabling resolution for a QIP of up to 42.5 lakh equity shares. The stated uses include purchasing materials/inventory, financing trade receivables, other working-capital needs and general corporate purposes; the company stated that the issue would not change control.
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