The National Company Law Tribunal (NCLT), Division Bench, Chennai has allowed insolvency resolution proceedings against Vasan Healthcare Pvt Ltd, under Section 9 of the Insolvency and Bankruptcy Code 2016.
The application was filed by Alcon Laboratories (India) Pvt Ltd, one of the suppliers of the firm.
According to Section 9 of the Insolvency and Bankruptcy Code, after expiry of the period of 10 days from date of delivery of the notice or invoice demanding payment, if the payment is not received, the insolvency resolution process can be initiated.
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Alcon Laboratories is engaged in supply of certain diagnostic equipment, eye care pharma and vision care products.
In its application, Alcon said the firm had supplied products to Vasan Healthcare through agreements entered in 2008, but no payments were made [against the supplies].
The dues amounted to about ₹94 crore and Vasan had agreed to pay the amount in instalments, it said.
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Alcon also noted that despite the 10-day statutory notice, the dues were not paid.
Vasan had cited pending winding up proceedings before the Madras Court and other reasons and sought dismissal of Alcon’s application.
The NCLT said pendency of a winding up petition could not be bar under the Code for initiating the corporate insolvency resolution process, as the High Court had not passed any order for winding up and no official liquidator had been appointed.
In the order dated April 21, the NCLT had allowed Alcon’s application and had ordered the commencement of the corporate insolvency resolution process.
The process ordinarily shall get completed within 180 days from the date of the order, it added.
The NCLT had also appointed V. Mahesh as interim insolvency professional, as proposed by Alcon to initiate the proceedings.