Calcutta High Court rules in favour of UpHealth Holdings, Inc., and vigorously reinforces the ICC International Court of Arbitration previous $110 million award against Glocal directors and other Respondents, calling their conduct “dishonest and
DELRAY BEACH, Fla., April 16, 2024 (GLOBE NEWSWIRE) — UpHealth, Inc. (“UpHealth”) (OTC: UPHL), a leading provider of a full continuum of behavioral health solutions through the utilization of evidence-based treatments and services, today provided an update on the efforts of UpHealth Holdings, Inc. (“Holdings”), a wholly-owned direct subsidiary of UpHealth, to enforce the International Court of Arbitration of the International Chamber of Commerce (the “ICA”)’s Final Award to Holdings and against Glocal Healthcare Systems (“Glocal”) and several of Glocal’s officers and shareholders (together with Glocal, the “Respondents”). In an order dated 12 April 2024, the Calcutta High Court, in a post-award Section 9 Petition filed by Holdings, directed all Respondents (viz. Dr. Sabahat Azim, Ms. Richa Azim, Mr. Gautam Chowdhury, Mr. Meleveetil Damodaran, and Kimberlite Social Infra Private Limited) to file affidavits of their respective assets as well as liabilities and encumbrances and disclose all litigation pending against them. On 15 March 2024, the ICA had passed a Final Award to the tune of $110 million in favour of Holdings, out of which $29.5 million (along with arbitration costs) is immediately enforceable.