India’s National Company Law Tribunal (NCLT) approved ASG Hospital Private Ltd.’s insolvency resolution plan to acquire the bankrupt Vasan Health Care Private Ltd. for 520 crore rupees ($63.25 million).

The Chennai bench of the NCLT pronounced its verdict on 3 February approving the resolution plan of ASG, which provides eye care solutions across several Indian states, according to the bankruptcy court’s order.

ASG’s resolution plan for the operator of Vasan Eye Care entailed payment of 343 crore rupees and 8.93 crore rupees to Vasan Health Care’s financial and operational creditors, respectively.

The plan also allocated 42.07 crore rupees toward the corporate insolvency resolution process cost and 126 crore rupees for working capital and capital expenditure infusion.

Rajashtan-based ASG had emerged as the successful resolution applicant and its resolution plan was approved by Vasan Health Care’s committee of creditors with 97.9% voting on 21 February 2022.

Senior Advocate Krishnan Venugopal and Advocate Savitha Devi represented Vasan Health Care’s Resolution Professional S. Rajendran in the matter.

(Note: $1 = 82.2186 Indian rupees)

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