New Delhi [India], September 20 (ANI): The Calcutta High Court has approved a landmark settlement between Indian affordable and digital healthcare pioneer Glocal Healthcare Systems Pvt Ltd and US-based UpHealth Holdings Inc, bringing an end to protracted multi-jurisdictional million-dollar litigation.
The approval follows a parallel order passed by the US Bankruptcy Court for the District of Delaware on September 11, 2025, where UpHealth Holdings Inc. is undergoing bankruptcy proceedings.
Under the settlement, the Glocal parties will receive a USD 37.5 million claim in UpHealth Inc.'s liquidation. In return, they will pay USD 10 million, among other things, to acquire the remaining equity held by UpHealth, resulting in a net gain in value of USD 27.5 million for Glocal.
Significantly, the USD 110 million arbitral award previously issued against the Glocal parties, in favour of UpHealth, has been nullified in the settlement. The settlement also releases all claims of UpHealth in Glocal's assets, shareholding, and intellectual property, allowing both parties to disengage completely and pursue independent paths.
In March 2024, an ICC arbitral tribunal comprising VK Rajah, Carolyn Lamm, and Promod Nair awarded USD 110 million in favour of UpHealth and against Glocal parties. Glocal challenged the enforceability of the foreign award before the Calcutta High Court, citing statutory bars on shareholder disputes being adjudicated by private arbitral tribunals, allegations of fraud, and that the tribunal had become functus officio after exceeding the time limit by 400 days.
Friday's settlement brings closure to these long-running disputes, which spanned courts in both India and the United States.
For Glocal's founder, Dr. Syed Sabahat Azim, a former IAS officer, and its shareholders, including former SEBI Chairman M. Damodaran, the outcome is being hailed as a major vindication.
Glocal is widely recognised for pioneering digital healthcare delivery in India. Its Digital Dispensaries won the UN Innovation Award in 2020 and the World Economic Forum's Schwab Foundation Award, acknowledging its visionary and pragmatic contribution to improving global healthcare access.
In India, Glocal was represented by the Chambers of Rushab Aggarwal and Aquilaw, while UpHealth was represented by P&A Law Offices. In the US litigation, Glocal was advised by Sidley Austin LLP, and UpHealth by DLA Piper.
The Calcutta High Court, in its order passed by Justice Sabyasachi Bhattacharyya, appreciated the efforts of counsel on both sides for facilitating the settlement of a long-drawn dispute. (ANI)