ASG Hospital's Rs 526-cr resolution plan for Vasan Eye Care gets NCLT nod

Reportedly, ASG has over 50 eye hospitals across 16 states in the country

gavel
This was the first case admitted in Chennai under the Insolvency and Bankruptcy code (IBC)
Shine Jacob Chennai
2 min read Last Updated : Feb 04 2023 | 9:10 PM IST
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. 

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :IBCNCLTInsolvency and Bankruptcy CodeIBBI

Next Story