Promoters of Mumbai-based Nishkala are funding the acquisition through a mix of debt and equity.
The promoters Dr Mudabbir Ali, Dr Ashish Kapadia, Dr V V Agarwal , Dr Devyani Wadettiwar, Dr Pravin Shringare, Aminuddin and Umesh Chandgude have together infused about Rs 73 crore in equity, while the rest of funding will be met through bank loans.
Spanning 500,000 sq ft, the hospital has the capacity for 400 beds including 63 ICU beds, 9 neonatal intensive care units, 13 operating theatres, and dedicated operation theatres for accident and emergency, maternity, among others.
The Kolkata bench of the National Company Law Tribunal (NCLT) had on December 18, 2023 approved a Rs 180 crore resolution plan for Suasth Hospital against Rs 628 crore admitted claims from creditors and others.
Suasth Healthcare was admitted into the Corporate Insolvency Resolution Process (CIRP) in August 2021. Lenders Yes Bank and Axis Bank with admitted claims of Rs 125 crore and Rs 122 crore, have voting rights. Subsequently, J C Flower ARC acquired the stressed loans of Yes Bank, including this loan. The other lenders were Srei Equipment Finance (Rs 320 crore) and Hari Vittal Mission (Rs 60.3).The company’s resolution professional (RP) Ravi Sethia stated in his disclosures that Srei Equipment Finance and Hari Vitthal Mission are allegedly related parties to Suasth Healthcare Foundation and considering the ‘related party status’, in pursuance to the Section 21 (2) of the Code, they no longer have a right of representation, participation and voting in the meetings of the committee of creditors of the bankrupt hospital.However, Hari Vitthal Mission challenged the RP’s stand at the National Company Law Appellate Tribunal (NCLAT), where the case is pending.
“We are dedicated to taking Suasth Healthcare Foundation to new heights, making sure that it provides top-notch healthcare services while also broadening our horizons into medical education,” said Mudabbir Ali, chairman and founding president of Nishkala.
Ali said the hospital is expected to get a substantial increase in value after the acquisition, infrastructure enhancement and operational continuity initiatives.
The company also has plans of starting a medical college.
