VHCL filed a petition challenging the ex-parte order
Madras High Court
Chennai: Vasan Health Care Limited (VHCL) got an interim relief from the Madras High court in a liquidation proceeding. Justice Pushpa Sathyanarayana passed the order after VHCL agreed to pay rental dues to the tune of Rs 4.90 crore.
On August 10, the court ordered liquidation of assets of the company, chain of eye hospitals, after it failed to pay rental for the building in Delhi. Vasan had taken a property on Pusa Road in New Delhi on lease in December 2010 for nine years from January 2011. The annual rent was fixed at Rs 32 lakh and the company paid Rs 1.92 crore as deposit. The company delayed paying rent for some months in the first three years of lease.
The building owners Ganeshi Lal Jain and Suresh Kumar Jain had filed the petition on June 18 seeking liquidation of the company since VHCL was unable to pay the rental dues amounting to Rs 4.90 crores. Replying to winding up proceedings from Jain Brothers, VHCL said the landowners had deposited money and it could have been adjusted for delay in payment of rentals.
Passing an ex-parte order on August 10 Justice Pushpa Sathayanarayana appointed official liquidator of the Madras high court as the provisional liquidator of the company and directed the liquidator to take charge of the assets of VHCL in 21 days. Counsel for VHCL submitted that a Delhi court had issued an injunction in a separate litigation pending there over the same issue.
VHCL filed a petition challenging the ex-parte order. When the matter came up for hearing, VHCL filed an undertaking that it would vacate the premises in Delhi before September 30 and assured that the debts would be settled by October 5. The court directed the liquidator to hold from taking charge of the assets of the company till October 5.
( Source : deccan chronicle )
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