Vasan group’s creditors appeal against NCLT order
The Hindu
The tribunal had rejected the plea to extend time frame for solvency proceedings
The committee of creditors of Vasan Health Care Pvt. Ltd and the resolution professional, S. Rajendran, have gone on appeal before the National Company Law Appellate Tribunal (NCLAT) against the order rejecting extension of time frame under the insolvency process. Last month, the National Company Law Tribunal (NCLT) said the corporate insolvency resolution process for Vasan Health Care Pvt. Ltd cannot be started afresh from the stage of issuance of expression of interest because it would upset the timeline prescribed under the Insolvency and Bankruptcy Code, 2016.
The NCLT had granted an extension only till August 22 to finalise the accounts of Vasan Health Care.
After August 22, it had said that the resolution professional could file a liquidation application.
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