Fortis Healthcare, Apollo Hospitals, Medanta and Max Healthcare are among half a dozen companies that have shown preliminary interest in acquiring Jaypee Healthcare, the last of the Jaiprakash Group’s priced assets to be admitted into bankruptcy.
On Friday, the Allahabad bench of the National Company Law Tribunal (NCLT) gave an oral order to admit Jaypee Healthcare for corporate insolvency and resolution process on a petition filed by JC Flowers Asset Reconstruction Company.
A written order is yet to be uploaded by the tribunal on its website.
Manoj Gaur-promoted Jaiprakash Associates was admitted for corporate insolvency process this month, while a Suraksha Realty-led consortium has already taken control of Gaur’s other company, Jaypee Infratech, under the Insolvency and Bankruptcy Code.
Jaypee Healthcare, a multi-speciality tertiary care hospital located at Jaypee Wish Town in Noida, is a subsidiary of Jaypee Infratech.
JC Flowers ARC, Bank of Baroda, Exim Bank, Punjab National Bank and Asset Reconstruction Company of India (Arcil) are among its lenders, according to a disclosure made by Care Ratings. Its total debt (including the interest component) is about ₹1,000 crore.
Fortis Healthcare, Apollo Hospitals, Medanta and Max Healthcare did not respond to ET’s request for comment.
The tribunal has appointed Bhuvan Madan, backed by PwC, as the interim resolution professional for the company, while lenders have appointed Shardul Amarchand Mangaldas as their advisor.
Yes Bank had extended a loan to Jaypee Infratech with Jaypee Healthcare shares as security. In March 2023, JC Flowers ARC (which acquired loans from Yes Bank) invoked the share pledge and became a 63.6% stakeholder in the hospital operator.
The balance stake was held by Jaypee Infratech.
The hospital chains interested in acquiring Jaypee Healthcare had earlier approached both the ARC and Suraksha Realty that had acquired Jaypee Infratech, said people familiar with the development.
Last month, Suraksha, with a 36% equity stake, pleaded before the NCLT that it was in talks with Jaypee Healthcare’s lenders for an out-of-court debt settlement. However, the settlement did not materialise, said a person familiar with the development.
Earlier, Yes Bank had filed a petition to admit Jaypee Healthcare. In June 2022, the tribunal kept the matter in abeyance until it passed a resolution plan for Jaypee Infratech.
The tribunal passed an order based on NBCC’s plea that there is a possibility of an amicable solution of debts between the winning bidder of Jaypee Infratech and the hospital’s lenders. NBCC was also in the fray for Jaypee Infratech, the parent company of Jaypee Healthcare.
The hospital has 504 beds (300 operational beds) with 18 operation theatres and 35 specialities.
Source: Economic Times