Cobalt complexes of amide‐based ligands appended with protonated heterocyclic rings are utilized as the earth‐abundant catalysts for the transfer hydrogenation of assorted carbonyl compounds using isopropanol as the hydrogen source. The most successful complex illustrated remarkable catalytic performance towards a wide range of aldehydes and ketones, quantitatively yielding primary and secondary alcohols as the products, respectively. The catalysis scope also included a few biologically relevant substrates such as furfural, vanillin, ortho‐vanillin, coumarin and chalcone. The substrate binding, Hammett, kinetic and DFT studies provided the mechanistic insights.