The committee of creditors of Vasan Health Care Pvt. Ltd. has approved a resolution bid of around ₹550 crore by Rajasthan-based ASG Hospital Private Ltd. under the insolvency process, according to the sources. The plan would be placed before National Company Law Tribunal (NCLT) Chennai for approval.
Max Vision Eye Hospitals Private Limited, Dr. Agarwals Healthcare Limited had also bid for Vasan Health in the insolvency process.
The clear break-up of ASG’s plan would be known only when it is filed for approval.
In 2017, the NCLT had ordered commencement of insolvency proceedings against Vasan Health Care, in a petition filed by Alcon Laboratories (India) Pvt. Ltd., one of its suppliers. Financial creditors, including Andhra Bank, Edelweiss Asset Reconstruction, Kotak Mahindra Bank, HDFC Bank among others, have a claim totalling ₹1,268 crore against the company.
In November 2021, The National Company Law Appellate Tribunal (NCLAT), Chennai, had allowed an appeal filed by committee of creditors of Vasan Health Care Pvt. Ltd. seeking extension of time-frame under the insolvency resolution process. The lenders had appealed against an NCLT order which refused to grant extension of time for the insolvency process and directed for filing for liquidation of the company.
