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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).
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
