The case involves an application filed by an unsuccessful Resolution Applicant (M.K. Rajagopalan) against the approval of a resolution plan for the Corporate Debtor, Vasan Health Care Private Limited. The applicant challenges the resolution plan submitted by ASG Hospital Private Limited, alleging violations of IBC regulations and non-disclosure agreements. The CIRP was initiated under Section 9 of the IBC, stayed by the Madras High Court, and then restarted. The applicant submitted an Expression of Interest and a Resolution Plan, but the COC requested multiple revisions. The applicant alleges that the successful resolution applicant violated confidentiality and that the RP improperly introduced new conditions after the submission deadline.
In an application under Section 9 of the IBC, the Adjudicating Authority initiated CIRP for Vasan Health Care Pvt Ltd. Mr. V. Mahesh was appointed as the Interim Resolution Professional (IRP). The Madras High Court stayed the CIRP, but the stay was later vacated on 2019-09-05. The CIRP restarted on 2019-10-03, and the first respondent was appointed as the Resolution Professional (RP) on 2021-03-12. The RP published Form-G on 2021-06-28, inviting claims from Prospective Resolution Applicants (PRAs). The applicant submitted an Expression of Interest (EoI) in Form-G. Besides the applicant, other PRAs included ASG Hospital Pvt Ltd, Dr. Agrawal Health Care Ltd, Maxivision Eye Hospitals Pvt Ltd, UV Stressed Assets Management Pvt Ltd, GVPR Engineers Ltd, and iLabs special
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The case involves an application filed by an unsuccessful Resolution Applicant (M.K. Rajagopalan) against the approval of a resolution plan for the Corporate Debtor, Vasan Health Care Private Limited. The applicant challenges the resolution plan submitted by ASG Hospital Private Limited, alleging violations of IBC regulations and non-disclosure agreements. The CIRP was initiated under Section 9 of the IBC, stayed by the Madras High Court, and then restarted. The applicant submitted an Expression of Interest and a Resolution Plan, but the COC requested multiple revisions. The applicant alleges that the successful resolution applicant violated confidentiality and that the RP improperly introduced new conditions after the submission deadline.
In an application under Section 9 of the IBC, the Adjudicating Authority initiated CIRP for Vasan Health Care Pvt Ltd. Mr. V. Mahesh was appointed as the Interim Resolution Professional (IRP). The Madras High Court stayed the CIRP, but the stay was later vacated on 2019-09-05. The CIRP restarted on 2019-10-03, and the first respondent was appointed as the Resolution Professional (RP) on 2021-03-12. The RP published Form-G on 2021-06-28, inviting claims from Prospective Resolution Applicants (PRAs). The applicant submitted an Expression of Interest (EoI) in Form-G. Besides the applicant, other PRAs included ASG Hospital Pvt Ltd, Dr. Agrawal Health Care Ltd, Maxivision Eye Hospitals Pvt Ltd, UV Stressed Assets Management Pvt Ltd, GVPR Engineers Ltd, and iLabs special
…CIRP initiate…
Stay on CIRP va…