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JP Morgan Chase-backed SevenHills Hospital, which operates 1,500 beds in Mumbai and 303 beds in Visakhapatnam, is undergoing insolvency proceedings since 2018. The process of finding a buyer for the hospital chain was stalled due to a dispute between lenders and the Municipal Corporation of Greater Mumbai (MCGM). Later it was declared as a Covid-19 hospital under the Disaster Management Act.
The people cited earlier named KIMS Hospitals, Virinchi Hospitals, Bommidala Enterprises, Alpha Alternatives, MK Rajagopalan, promoter of MGM Hospital, and a consortium of three individuals – Sandeep Gupta, Anup Mittal and Shalini Gupta – as the other entities that have submitted expressions of interest (EoI) for acquiring the hospital chain.
The resolution professional, Abhilash Lal, and JM Financial ARC did not respond to ET’s request for comment.
Max Healthcare has a network of 17 hospitals; KIMS operates 12 multi-speciality hospitals; and Virinchi operates 700 beds in Hyderabad. Capri Global and Alpha Alternatives are fund houses, while Bommidala operates tobacco processing units. JM Financial ARC is also a verified financial creditor.
MCGM, which owns the land on which the hospital is built, has submitted a claim of ₹140.8 crore as unpaid rent, said one of the persons cited above. However, the resolution professional has not admitted it.
SevenHills Hospital has admitted claims of ₹1,357 crore from verified financial creditors.The National Company Law Tribunal has approved a ₹1,000-crore resolution plan by Dr Shetty’s New Medical Centre, but the plan was challenged by MCGM at the National Company Law Appellate Tribunal. The appellate tribunal, too, rejected MCGM’s petition. However, in November 2019, the Supreme Court overturned the tribunal and appellate tribunal’s orders.
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