The National Company Law Tribunal (NCLT) of Mumbai has approved Reliance Strategic Business Ventures Limited’s Rs 202 crore resolution plan for Karkinos Healthcare Pvt. Ltd. (KHPL), a tech-driven oncology platform, which was undergoing insolvency proceedings.
The Mumbai Bench gave its nod on December 9, 2024, following approval from 100% of committee of creditors (CoC).
KHPL entered the Corporate Insolvency Resolution Process (CIRP) on May 21, 2024. The approved plan provides for 100% recovery of dues across all creditor classes, including financial creditors, employees, and suppliers.
Founded by Dr. R. Venkataramanan, KHPL operates a Distributed Cancer Care Network (DCCN), offering early cancer detection, advanced diagnostics, affordable treatment, and cutting-edge research. The platform specialises in genomics, next-generation sequencing, and precision medicine, with a strong focus on collaborative research and clinical trials.
“This resolution process stands out for its swift completion, ensuring justice and relief for creditors and stakeholders,” said Rajesh Sureshchandra Sheth, RP for KHPL. “It highlights the efficiency of the CIRP framework in preserving and enhancing value for all parties involved.”
During the CIRP, the operations at its hospitals and diagnostic and research centres were continued uninterrupted ensuring humanitarian support with a noble cause of reducing pain and suffering of all stakeholders including cancer patients, said Sheth.
Source: Economic Times