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

13 Feb 2024 CW Team

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.

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