Indrayani Biotech informed the exchange that IBL Healthcare Limited, a wholly owned subsidiary 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.
The Hon’ble National Company Law Tribunal (‘NCLT’) has pronounced its order, in the open hall on 25/08/2023, approving the Resolution plan of IBL Healthcare Limited. Thus, Vaasan Medical Center (India) Private Limited becomes wholly-owned Subsidiary of IBL Healthcare Limited with immediate effect.
Vaasan Medical Center (India) Private Limited ran a chain of pharmacy retail stores under the name and style of “Vasan Medical Hall” in Trichy and the adjoining districts of Tamilnadu. There were more than 40 outlets which were operational at its peak a few years ago.
Vasan Medical Hall was originally established as a standalone pharmacy retail store in the heart of Trichy and it was later bought by Mr. Arunachalam Pillai in the year 1947.