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.

Next Story
Technology

BBMP Pledges Faster E-Khata Processing Amid Citizen Complaints

Facing mounting complaints over delays in e-khata issuance, the Bruhat Bengaluru Mahanagara Palike (BBMP) has promised to resolve the issue within 10 days. BBMP Chief Commissioner Tushar Giri Nath assured citizens that efforts are underway to expedite processing rates from the current 2,000 to a target of 10,000–15,000 applications daily. "We have cleared 90% of the 90,000 pending applications, leaving only 4,500 to process. To meet the demand, over 800 additional staff and assistant revenue officers (AROs) have been deployed to manage applications in each ward," Nath stated. Persistent Dela..

Next Story
Real Estate

Delhi HC Orders DDA to Assist CBI in Housing Lapses Probe

The Delhi High Court has instructed the Delhi Development Authority (DDA) to fully cooperate with the Central Bureau of Investigation (CBI) in its probe into alleged lapses in the construction of 336 high-rise HIG/MIG houses at Signature View Apartments, north Delhi. Justice Chandra Dhari Singh emphasized that DDA must furnish information about any internal inquiry and the officials involved to facilitate the investigation. The court noted CBI’s submission that DDA had not responded to multiple reminders since July, delaying the probe. The CBI is investigating allegations of "cheating, crimi..

Next Story
Infrastructure Urban

Mahindra Lifespace to Appeal Tamil Nadu GST Tax Demand

Mahindra Lifespace Developers Ltd has announced a tax demand of Rs 20.9 million imposed by the Tamil Nadu GST department, including interest and penalties. The order, issued by the Assistant Commissioner of State Tax, Chengalpattu, cites an alleged shortfall in GST payments under Section 74 of the GST Act, 2017. The realty firm refuted the allegations, stating, “Based on the company's assessment, there is no noncompliance, and a general penalty has been imposed.” The company plans to appeal the order, expressing confidence in a favorable resolution. Mahindra Lifespace assured stakeholders ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000