NCLT rejects Ashdan's challenge to Chemhub's resolution plan
ECONOMY & POLICY

NCLT rejects Ashdan's challenge to Chemhub's resolution plan

Ashdan Properties' petition against Chemhub Tradelink's committee of creditors-approved resolution plan for Pancard Clubs has been rejected by the National Company Law Tribunal (NCLT). Ashdan was among the three potential buyers vying for the acquisition of the financially distressed Pancard, known for its hotels and resorts.

Pancard Clubs boasts over 1.5 million timeshare subscribers, categorised as financial creditors. The court, in dismissing Ashdan's appeal, noted that approximately 23% of the financial creditors participated in the voting process. A decisive majority of 19.38% favored the resolution plan put forth by Chemhub Tradelink.

The NCLT suggested that the Insolvency & Bankruptcy Board of India (IBBI) use the Pancard case as a basis for formulating guidelines, particularly in situations where a single insolvency professional represents a substantial number of financial creditors. Pancard was admitted for the corporate insolvency resolution process on September 9, 2022, with Rajesh Sureshchandra Sheth appointed as the resolution professional (RP) and Vitthal Dahake as the authorised representative of financial investors.

Following the CoC's approval of Chemhub's plan, Ashdan contested the decision. In response, the NCLT instructed the CoC to conduct another round of voting, during which creditors once again expressed their support for Chemhub's proposal.

Ashdan Properties' petition against Chemhub Tradelink's committee of creditors-approved resolution plan for Pancard Clubs has been rejected by the National Company Law Tribunal (NCLT). Ashdan was among the three potential buyers vying for the acquisition of the financially distressed Pancard, known for its hotels and resorts. Pancard Clubs boasts over 1.5 million timeshare subscribers, categorised as financial creditors. The court, in dismissing Ashdan's appeal, noted that approximately 23% of the financial creditors participated in the voting process. A decisive majority of 19.38% favored the resolution plan put forth by Chemhub Tradelink. The NCLT suggested that the Insolvency & Bankruptcy Board of India (IBBI) use the Pancard case as a basis for formulating guidelines, particularly in situations where a single insolvency professional represents a substantial number of financial creditors. Pancard was admitted for the corporate insolvency resolution process on September 9, 2022, with Rajesh Sureshchandra Sheth appointed as the resolution professional (RP) and Vitthal Dahake as the authorised representative of financial investors. Following the CoC's approval of Chemhub's plan, Ashdan contested the decision. In response, the NCLT instructed the CoC to conduct another round of voting, during which creditors once again expressed their support for Chemhub's proposal.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code