Dr. Lal PathLabs Ltd Completes Acquisition of Suburban Diagnostics

Dr. Lal PathLabs Ltd has completed the acquisition of Suburban Diagnostics (India) Private Limited, a Wholly Owned Subsidiary, following the approval of the National Company Law Tribunal (NCLT), Mumbai Bench. The acquisition, which was carried out under the Insolvency and Bankruptcy Code, 2016 and the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, involves the consolidation of Suburban's business operations with Dr. Lal PathLabs Ltd. The acquisition was initiated when the Board of Directors of Suburban approved the proposal for voluntary liquidation and the shareholders passed a Special Resolution for the same. The Liquidator, Mr. Dilipkumar Natvarlal Jagad, was then appointed and made a Public Announcement inviting claims from stakeholders. After verifying the claims and preparing the List of Stakeholders, the Liquidator submitted the Preliminary Report to the Registrar of Companies. The Liquidator then prepared the Final Report and conducted the meeting of contributories in terms of Regulation 37 of the Voluntary Liquidation Process Regulations. The Compliance Certificate in Form H under Regulation 38 of the VLP Regulations has been filed with the Registrar of Companies and forwarded to the Insolvency and Bankruptcy Board of India. The Voluntary Liquidation Bank Account has been closed and the other bank accounts of the Corporate Person have also been duly closed. The Liquidator has been discharged from his duties and responsibilities as the Liquidator of the Corporate Person.