Dhir & Dhir Associates, a leading legal firm, is pleased to state that it has acted as the legal counsel to Jaypee Infratech Limited and Lakshdeep Group in the strategic collaboration and acquisition of 64% stake in Jaypee Healthcare Limited by Max Healthcare Institute Limited. Jaypee Healthcare Limited, a wholly-owned subsidiary of Jaypee Infratech, was relegated to insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), however, the same has been now closed upon resolution of the debt of the financial creditors from the present deal. The deal, valued at ₹1660 crore, was executed during the Corporate Insolvency Resolution Process (CIRP) of Jaypee Healthcare Limited wherein the all the stakeholders including the creditors as well as the shareholders were ultimately able to realise value against their investments.
The acquisition by Max Healthcare Institute Limited, one of India’s largest private healthcare providers, is expected to restore Jaypee Healthcare’s operations and promote long-term sustainability, benefiting all stakeholders involved, including JIL, the holding company of JHL, lenders, and the public at large.
The resolution of JHL provides Max Healthcare the opportunity to acquire an initial 64% stake of JHL for ₹398 crore, with an option to acquire the remaining equity over time.
Dhir & Dhir Associates advised and represented Jaypee Infratech and Lakshdeep Group in the entire legal proceedings including proceedings before the NCLT/NCLAT, ensuring compliance with regulatory requirements and protecting the interests of all stakeholders involved.
The legal team advising on the transaction was led by Alok Dhir, Founder & Managing Partner, along with Sachin Gupta, Senior Partner, Varsha Banerjee, Partner, and Udita Singh, Senior Associate.
Alok Dhir, Founder & Managing Partner of Dhir & Dhir Associates, commented: “We are proud to have represented Jaypee Infratech and Lakshdeep Group in this crucial transaction that not only resolves the insolvency of Jaypee Healthcare Limited but also brings a major industry player, Max Healthcare, on board. This transaction ensures that the interests of all stakeholders are fulfilled and paves the way for growth and recovery for Jaypee Healthcare.
This acquisition under IBC not only highlights the importance of effective legal counsel in complex corporate restructuring but also showcases the increasing consolidation within the Indian healthcare sector.
