Chemhub Tradelink s plan for Pancard Clubs, approved by NCLT, involves Rs 8,900 crore debt claims with 8% recovery for creditors. The resolution process included bidders like Ashdan Properties and Vijay K. Oswal, with oversight from Deloitte and representation by Nausher Kohli.
The National Company Law Tribunal (NCLT) dismissed Ashdan Properties petition against Chemhub Tradelink s approved resolution plan for Pancard Clubs, a bankrupt entity with over 1.5 million timeshare subscribers. Ashdan was one of three bidders interested in acquiring Pancard.
Pancard Clubs: 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 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.