Indrayani Biotech Limited (IBL) has informed that it’s wholly-owned subsidiary IBL Healthcare Limited has been declared as the successful resolution applicant by the Committee of Creditors for acquisition of Vaasan Medical Center (India) Private Limited on July 21, 2022, subject to obtaining necessary regulatory approvals including NCLT (National Company Law Tribunal) approval.
As per the filing, IBL Healthcare Limited has accepted the Letter of Intent (‘LoI’) for acquisition of Vaasan Medical Center (India) Private Limited under the Corporate Insolvency Resolution Process (‘CIRP’) of the Insolvency and Bankruptcy Code 2016 (‘IBC’).
Vaasan Medical Center (India) Private Limited is a company established in March 31, 2010 and it is running a chain of pharmacy retail stores under the name and style of “Vasan Medical Hall” in Trichy and neighboring districts of Tamil Nadu.
Vasan Medical Hall has earned huge customer goodwill in central Tamilnadu for several years. A few years ago, there were more than 40 outlets which were operational at its peak.
It ran into financial issues recently and NCLT declared initiation of CIRP on November 01, 2021. Expression of Interest for identification of Successful Resolution Applicant was published on April 29, 2022.
IBL Healthcare expressed interest and participated in the resolution process to take over the entity.
After going through the process, IBL Healthcare Limited is now declared as the Successful Resolution Applicant, subject to the approval by NCLT.
At around 2:04 PM, Indrayani Biotech was trading at Rs47.55 per share down by Rs2.5 or 5% from its previous closing of Rs50.05 per share on the BSE.
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