NCLT Mumbai Orders Dissolution Of Dr Lal PathLabs Subsidiary Suburban Diagnostics After Voluntary Liquidation
Kirit Singhania
11 March 2026 12:36 PM IST
The National Company Law Tribunal (NCLT) at Mumbai has ordered the dissolution of Suburban Diagnostics (India) Pvt Ltd, a subsidiary of Dr Lal PathLabs, after the successful completion of its voluntary liquidation process under the Insolvency and Bankruptcy Code.
A bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order while noting that the process was conducted in “accordance with law”.
“This Bench is satisfied that the voluntary liquidation process has been conducted in accordance with law. Accordingly, we are of the considered view that the Corporate Person, viz. Suburban Diagnostics (India) Private Limited, deserves to be dissolved under Section 59(8) of the Code. The Corporate Person shall stand dissolved from the date of this Order.”, the tribunal observed.
Suburban Diagnostics was incorporated on June 6, 2002, and was engaged in the business of operating pathology and diagnostic centers in Maharashtra. The Board of Directors approved the proposal for voluntary liquidation on February 6, 2025, and the shareholders passed a special resolution on the same day appointing Dilipkumar Natvarlal Jagad as the liquidator to oversee the process.
In 2021, Suburban Diagnostics had earlier been acquired by Dr. Lal PathLabs Limited in a Rs. 921 crore deal as part of the diagnostics chain's strategy to expand its presence in western India.
The liquidator then issued a public announcement inviting claims from stakeholders and verified the claims received. According to the final report placed before the tribunal, all admitted claims were settled and the assets of the corporate person were realized and distributed in accordance with the Insolvency and Bankruptcy Board of India's Voluntary Liquidation Process Regulations.
The liquidation bank account was closed after completion of the process, and no liabilities remained outstanding against the company.
Taking note of the completion of the liquidation process and compliance with statutory requirements, the tribunal ordered that Suburban Diagnostics (India) shall stand dissolved from the date of the order and directed the Registrar of Companies to record the dissolution in its records.
For Petitioner: CA Nitin Gutka