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The National Company Law Tribunal (NCLT), Chennai, has given nod to a Rs 526-crore resolution plan of ASG Hospital for Chennai-based eye care chain Vasan Health Care.
Through an order passed on Friday, the NCLT has cleared decks for the ASG to take over the business of Vasan Eye Care, once dues to creditors, employees, and stakeholders are paid. Acoording to the plan, dues will be cleared within 30 days from the date of approval.
This was the first case admitted in Chennai under the Insolvency and Bankruptcy code (IBC).
The NCLT had started the insolvency proceedings against Vasan Eye Care, after an alleged failure to repay debt of over Rs 2,000 crore, following which the creditors dragged the case to NCLT to recover the dues. After a stay by the Madras High Court for two years, the process restarted in October 2019.
Though other key players like MGM Healthcare, Maxi Vision Eye Hospital and Dr Agarwal’s Health Care were also a part of the bidding process, it was the ASG that won the race.
Reportedly, ASG has over 50 eye hospitals across 16 states in the country. On the other hand, Vasan Eye Care operates more than 97 centers, majorly in southern states like Tamil nadu, Andhra Pradesh, telangana, Kerala and Karnataka.
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