+
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

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code