The insolvency process of Vasan Healthcare Pvt. Ltd. has been hit by a slew of parties making claims and delay in deciding the voting pattern of committee of lenders , according to sources.
In 2017, the National Company Law Tribunal (NCLT), Chennai, had ordered commencement of insolvency proceedings against Vasan Healthcare, in a petition filed by Alcon Laboratories (India) Pvt. Ltd., one of its suppliers. Later the proceedings were stayed by a single judge of Madras High Court. Nearly two years later, in October 2019, the Division Bench had vacated the stay and the case was back at NCLT.
The insolvency proceedings would be long drawn proceeds with extension of time frame likely to be sought, according to sources.
The NCLT has given an order that any decision taken by the committee of lenders would depend on the voting rights which has to be determined.
Meanwhile, 10 unsecured creditors who have lent money to the Vasan Healthcare, on Tuesday moved an application in NCLT, seeking that all their claims be included and they be treated as financial creditors.
So far, 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.
