India

DMD Advocates advised Maschinenfabrik Reinhausen GmbH (MR), a German-based engineering group, on legal due diligence and transaction documentation in connection with the acquisition of an equity stake in KVTEK Power Systems Private Limited, an India-based manufacturer of power transformers, distribution and instrument transformers, high-voltage cables, and switchgear. The acquisition strengthens MR’s position in high-voltage testing and measurement and supports the strategic expansion of its subsidiary, HIGHVOLT Prüftechnik Dresden GmbH, which operates in the same technology segment. The transaction was led by Vihang Virkar (Lead Partner, Mumbai Corporate Practice Group), along with Monika Deshmukh (Partner), Pooja Shah (Principal Associate), Advait Borade (Associate), Disha Jain (Associate), Vanshikha Choraria (Associate), and Nardeep Chawla (Associate).

TLH, Advocates & Solicitors is pleased to announce that Mathew George has joined the Firm as Of Counsel, strengthening its competition law and regulatory practice. Mathew is a seasoned competition and regulatory lawyer with nearly a decade of experience advising on antitrust enforcement, merger control, digital markets regulation, and complex regulatory litigation. He has been involved in a wide range of contentious competition matters before the Competition Commission of India (CCI), the National Company Law Appellate Tribunal (NCLAT), various High Courts, and the Supreme Court of India. He has worked on over 25 merger notifications, including Form I, Form II, and Green Channel filings, across sectors such as technology, manufacturing, infrastructure, financial services, and private equity. His practice includes handling high-stakes investigations, including cartel defence, vertical restraints, and abuse of dominance matters, spanning the entire life cycle of competition proceedings. Mathew has advised a diverse clientele comprising leading global technology companies, multinational conglomerates, industry associations, private equity funds, and sovereign funds. He also brings experience in public policy development, having contributed to and represented submissions before Parliamentary Committees and the CCI, including on India’s proposed Digital Competition Bill and the Competition Law Review Committee.

Deal Summary & Significance: SevenHills Healthcare Pvt. Ltd. (“CD”) was admitted into the Corporate Insolvency Resolution Process (“CIRP”) on 13th March 2018 upon an application filed by Axis Bank. The CD owned two key healthcare assets: i) SevenHills Hospital, Mumbai (“Mumbai Hospital”), and ii) SevenHills Hospital, Visakhapatnam (“Vizag Hospital”). The initial resolution plan submitted by Dr. B.R. Shetty through Shetty’s New Medical Centre Pvt. Ltd. (“SNMC Resolution Plan”) was challenged by the Municipal Corporation of Greater Mumbai (“MCGM”) up to the Hon’ble Supreme Court of India (“Supreme Court”), since the Mumbai Hospital of the CD stands on land owned by MCGM. Supreme Court allowed MCGM’s appeal and rejected the SNMC Resolution Plan, holding that the mandatory No Objection Certificate (NOC) under the Mumbai Municipal Corporation Act, 1888 (“MMC Act”) had not been obtained prior to the creation of security interest over land owned by MCGM. In 2020, amid the unprecedented Covid‑19 pandemic, MCGM requisitioned the Mumbai Hospital as a dedicated Covid facility under the Disaster Management Act, 2005. The requisition and the wider public health emergency led to repeated extensions of the CIRP timeline, significantly delaying progress. Despite these delays, the CIRP continued to move forward. The Committee of Creditors (“CoC”) resolved to issue a fresh Invitation for Expression of Interest (“EoI”) for asset‑wise CIRP under Regulation 36B(6A) of the CIRP Regulations, a provision that enables inviting asset‑specific resolution plans when no feasible plan is received for the corporate debtor as a whole. As the process advanced, MCGM initiated parallel litigation seeking to exclude the Mumbai Hospital from the CD’s asset pool. During this period, multiple proceedings were also undertaken to secure MCGM’s cooperation and prevent termination of the subsisting agreement between the parties. Amidst these challenges, a fresh process was initiated inviting resolution plans under two separate categories: i) Category 1: Vizag Hospital; and ii) Category 2: Mumbai Hospital together with the CD as a going concern. In June 2024, the Adjudicating Authority (“AA”) approved the resolution plan for Category 1 and dismissed MCGM’s objections to the plan. In December 2025, MCGM granted the requisite NOC to the resolution plan submitted by Capri Global Holdings Private Limited for Category 2. The plan subsequently received 100% approval from the CoC and was approved by the AA on 19th February 2026. In a healthcare‑focused CIRP shaped by multiple disputes, extensive litigation, and pandemic‑related disruption, Juris Corp consistently advised and represented the CoC, ultimately maximising value for the CD and strengthening recoveries for its stakeholders. Significance of the Matter This is a significant asset‑wise Corporate Insolvency Resolution Process outcome in the healthcare sector, shaped by extensive litigation and prolonged pandemic‑related disruption. The resolution achieved demonstrates robust creditor‑led decision‑making and successful navigation of regulatory requirements, culminating in value maximisation and enhanced stakeholder recoveries. Law Firms Involved: Trilegal for Resolution Professional, EY (Ernst & Young); Shardul Amarchand Mangaldas for MCGM; Saraf and Partners for Successful Resolution Applicant, Practice Area: Insolvency and Restructuring; Disputes Resolution. Deal Value: 1500 Crores. Deal Closing Date: 19th January 2026. Team Involved: Mr. Jayesh H (Senior Partner), Ms. Jinal Shah (Associate Partner), Ms. Palak Nenwani (Principal Associate), Mr. Ronit Chopra (Associate).

We are pleased to share that Argus Partners has advised Fitterfly, a healthcare company focused on diabetes reversal, obesity management, and heart health programmes, on its acquisition by PB Healthcare Services, the healthcare arm of PB Fintech. The acquisition would enable PB Healthcare Services to expand beyond hospitals and strengthen its preventive healthcare and chronic-disease management offerings. The team at Argus Partners advising Fitterfly was led by Ankit Guha and Neha Madan (Partners). Arka Majumdar (Partner) advised on employment law aspects and Namitha Mathews (Partner) advised on real estate aspects of the transaction. Read more at: Business Standard, Moneycontrol, INC42.