Pancard Clubs gets three firm offers for ₹5,034-cr debt
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. Oswal, Shanti Hospitality, and Kantadevi V. Oswal, as well as Chemhub Tradelink.
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. Rajesh Sureshchandra Sheth, backed by Deloitte is the resolution professional running the insolvency process.
The resolution professional did not immediately respond to the request for comment. Recently, the court has approved the condonation of delayed applications for accepting claims beyond 90 days, which means applicants can file their claims after the deadline. There were eight bidders who were shortlisted including RKG Fund I, Scheme of RKG Trust, Consortium of Vijay K.
Oswal, Shanti Hospitality, and Kantadevi V. Oswal, Ashdan Properties Private Limited, KP Advisory Services LLP, Chemhub Tradelink, Midori Realty LLP, Consortium of Sriniwas Developers, Rishabh Jayantilal Oswal, Shamkant Jagannath Shende, and Jayantilal Tarachand Oswal, and Shanti G.D. Ispat & Power.
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