Max Healthcare Institute Limited has announced the successful completion of the voluntary liquidation process for its step-down subsidiary ET Planners Private Limited, following an order passed by the National Company Law Tribunal (NCLT) on March 25, 2026. The healthcare major received the NCLT order on March 25, 2026, at 6:00 pm IST, formally dissolving the subsidiary.

Liquidation Process Timeline

The voluntary liquidation process for ET Planners Private Limited commenced in September 2024, with the company providing multiple intimations to stock exchanges regarding the proceedings. The process began with a board resolution on September 6, 2024, followed by an extraordinary general meeting on September 11, 2024, where shareholders passed a special resolution to initiate voluntary liquidation proceedings.

Company Structure and Financial Details

ET Planners Private Limited was incorporated on September 26, 2017, under the Companies Act, 2013, with CIN U74999DL2017PTC324142. The company operated as a step-down wholly-owned subsidiary of Max Healthcare through Alps Hospital Limited.

Business Transfer and Impact

The entire business undertaking of ET Planners, comprising all assets, liabilities, customer and supplier contracts, service agreements, leases, licenses, and employees, has been transferred to Alps Hospital Limited on a going concern basis. All creditors amounting to Rs. 41,72,45,487 provided their no-objection certificates for the transfer of claims as part of the business distribution.

Max Healthcare has emphasized that the liquidation will not affect any business or accounting policies and will not have any material impact on the company's financials. The company was originally established to manage and support hospitals, diagnostic centers, clinics, and other healthcare institutions across India.

Regulatory Compliance

The liquidation process was conducted under Section 59 of the Insolvency & Bankruptcy Code, 2016, with Ms. Sunita Umesh appointed as the liquidator. The process included:

• Declaration of solvency by directors filed on September 24, 2024
• Public announcement in Financial Express and Jansatta newspapers
• Compliance with IBBI regulations throughout the process
• No-objection certificates from regulatory authorities including Income Tax Department

NCLT Order Details

The NCLT New Delhi Bench Court-VI, comprising Justice Jyotsna Sharma and Ms. Anu Jagmohan Singh, passed the dissolution order after reviewing all compliance requirements. The tribunal noted that no adverse comments were received from statutory authorities or the public despite the public announcement and IBBI website updates.

The liquidator has been directed to preserve physical or electronic copies of all reports, registers, and documents for eight years (electronic) and three years (physical) after dissolution. The order also allows tax authorities to assess and recover any dues arising from the business transfer in accordance with applicable law.

Max healthcare institute executed a significant block trade on the National Stock Exchange (NSE), marking substantial institutional trading activity in the healthcare sector. The transaction involved a considerable volume of shares at a premium pricing level.

Transaction Details

The block trade encompassed key parameters that highlight the scale of institutional interest in the company:

Block Trade Significance

Block trades represent large-volume transactions typically executed by institutional investors, mutual funds, or other significant market participants. These trades are conducted outside the regular market order book to minimize potential price disruption that could occur from such substantial volumes.

The pricing of Rs. 961.10 per share reflects the institutional assessment of the company's current market valuation. The transaction volume of over 212,000 shares indicates meaningful institutional participation in Max Healthcare Institute's equity.

Market Impact

Such block transactions often signal institutional confidence or strategic portfolio adjustments by large investors. The execution at the specified price level demonstrates the market's willingness to absorb significant volumes at the prevailing valuation, suggesting stable institutional demand for the healthcare provider's shares.