NCLT Amravati Approves ₹884.82-Crore Capri Global Plan For SevenHills Healthcare Backed By Reliance Group

The tribunal reiterated that once a resolution plan satisfies the statutory requirements under the Insolvency and Bankruptcy Code, judicial interference with the commercial wisdom of lenders is impermissible.

Judicial Member Kishore Vemulapalli noted that the plan met all requirements under the Code and the applicable CIRP Regulations, including provisions relating to payment of insolvency resolution costs, treatment of operational creditors and protection of dissenting financial creditors.

“Therefore, the resolution plan, when tested on the touch stone of the aforesaid facts and the rulings, we are of the view that the instant resolution plan satisfies the requirements of Section 30 (2) of the Code and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations. We also found that the Resolution Applicant is eligible to submit the Resolution Plan under Section 29A of the Code.”, the tribunal observed.

The CIRP of SevenHills Healthcare commenced on March 13, 2018, following admission of a petition filed by Axis Bank. The corporate debtor operates healthcare facilities in Mumbai and Visakhapatnam. While the Visakhapatnam hospital was resolved under a separate plan approved in June 2024, the present proceedings concerned the Mumbai hospital.

Following amendments to the CIRP Regulations in September 2022 permitting asset-wise resolution, the Committee of Creditors (CoC) decided to invite separate resolution plans. Expressions of interest were invited in January 2023, and after multiple rounds of bidding and negotiations, the CoC unanimously approved Capri Global's plan with 100 per cent voting share follownig e-voting concluded in December 2025.

As part of the plan, Reliance Group is involved as an equity support provider, lending financial strength and implementation support to the successful resolution applicant. The plan contemplates infusion of funds by Capri Global along with Reliance group support to ensure effective revival of the healthcare facility.

Additionally, the tribunal also approved a scheme of arrangement embedded within the resolution plan, which provides for cancellation of existing share capital, restructuring of the corporate debtor, and its conversion into a not-for-profit entity under the Companies Act, solely as an implementation mechanism under the IBC.

The tribunal directed the resolution professional to hand over all records and assets to Capri Global to ensure timely implementation of the revival plan.

For Applicants: Senior Advocate S. Niranjan Reddy with Advocates Siddharth Ranade, Palak Arora, Kaazvin Kapadia, Neeraj Barve, Aatif Salar, Prakash Jain

For Respondents: Senior Advocate P.H.Arvindh Pandian with Advocates Jinal Shah, Palak Nenwani, Ankit Lohia, Amen Nabar