Key Points
Mumbai: Pancard Clubs, with 5,034 crore of admitted claims in a bankruptcy resolution, has received three offers from Ashdan Properties, a consortium of Vijay K..
The company, which develops and operates hotels and resorts, is undergoing an in-court resolution process and more than 1.5 million financial creditors (timeshare subscribers) will be voting on these plans in the next couple of days to decide the successful resolution applicant...
The NCLT had admitted Pancard Clubs for insolvency proceedings last year, with a total admitted claim of 5,034 crore as of December 2022, according to the company's website..
However, out of these, only three have submitted firm resolution plans.. Recently, the Securities Exchange Board of India (Sebi) approached the insolvency tribunal for quashing the insolvency proceedings but later National Company Law Appellate Tribunal (NCLAT) dismissed the regulator's plea...
Pancard Clubs appealed the order to the Securities Appellate Tribunal (SAT), but SAT upheld Sebi's decision, leading to recovery proceedings initiated by the regulator..
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