NCLT Approves Rs.200 Crore Plan Of Reliance For Karkinos Acquisition Under CIRP
NCLT Approves Rs.200 Crore Plan Of Reliance For Karkinos Acquisition Under CIRP
The company had proposed to implement the Resolution Plan within 60 days of the order
Reliance Strategic Business Ventures Limited has acquired Karkinos Healthcare Private Limited for Rs.200 crores, settling 100 percent creditor dues.
The National Company Law Tribunal has approved the resolution plan for Karkinos, a financially distressed Mumbai-based oncology company, under the Corporate Insolvency Resolution Process (CIRP).
It was led by BDO India’s restructuring arm BDO Restructuring Advisory LLP (BRAL) and external Resolution Professional (RP) Rajesh Sheth.
Concluded within 180 days, the insolvency process ensured uninterrupted operations and patient care, as Reliance proposed to implement the Resolution Plan within 60 days of the order.
The tribunal noted that the approval did not ipso-facto tantamount to abatement of litigations; it could be carried lawfully.
The moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016, ceased to be effective from order’s date.
