Highlights
- The National Company Law Tribunal has approved a resolution plan for Karkinos Healthcare Private Limited, a financially distressed oncology company based in Mumbai.
- Reliance Strategic Business Ventures Limited has acquired Karkinos Healthcare Private Limited for ₹200 crore, which includes the settlement of 100% of creditors’ dues.
- The Corporate Insolvency Resolution Process was completed within 180 days, ensuring uninterrupted operations and patient care, with Reliance Strategic Business Ventures proposing to implement the Resolution Plan within sixty days of receiving the Plan Approval Order.
The National Company Law Tribunal has approved a resolution plan for Karkinos Healthcare Private Limited, a financially distressed Mumbai-based oncology company, under the Corporate Insolvency Resolution Process (CIRP), led by BDO India’s restructuring arm – BDO Restructuring Advisory LLP (BRAL) along with external Resolution Professional (RP) Rajesh Sheth.
The acquisition of Karkinos Healthcare Private Limited by Reliance Strategic Business Ventures Limited for ₹200 crore includes the settlement of 100% of creditors’ dues. The CIRP was concluded within 180 days ensuring uninterrupted operations and patient care with the Reliance Strategic Business Ventures proposing to implement the Resolution Plan “..within sixty (60) days from the date of receipt of the Plan Approval Order..”.
The tribunal while approving the resolution has observed that the approval of the Resolution Plan shall not ipso-facto tantamount to abatement of such litigations/ liabilities etc., and the same may be carried on in consonance with the tenets enshrined in law.
The Moratorium u/s. 14 of IBC, 2016, ceased to have effect from the date of pronouncement of the order.
