The case involves an appeal against an order dated 11.09.2025 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, in IA No.3973 of 2023. The Resolution Professional of the Corporate Debtor, Pancard Clubs Limited, filed the IA. The Adjudicating Authority allowed the IA and directed the Appellant to handover peaceful and vacant possession of the property to the Resolution Professional.
The Corporate Debtor, Pancard Clubs Limited, was engaged in the business of owning, developing, and operating hotel clubs and resorts across India.
The Corporate Debtor floated a Collective Investment Scheme assuring earnings returns to investors, receiving investments of approximately Rs.70350000000 cumulatively.
The Security and Exchange Board of India (SEBI) issued show cause notices and directions against the Corporate Debtor under the SEBI Act, 2002.
On 02.12.2016, an order was passed against the Corporate Debtor and its director for recovery of approximately Rs.70350000000.
SEBI issued Recovery Certificate No.1020 of 2016 attaching all immoveable properties of the Corporate Debtor, including United-21 Vanvaso Gir.
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Order passed by the Adjudicating Authority…
The Adjudicating…
The case involves an appeal against an order dated 11.09.2025 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, in IA No.3973 of 2023. The Resolution Professional of the Corporate Debtor, Pancard Clubs Limited, filed the IA. The Adjudicating Authority allowed the IA and directed the Appellant to handover peaceful and vacant possession of the property to the Resolution Professional.
The Corporate Debtor, Pancard Clubs Limited, was engaged in the business of owning, developing, and operating hotel clubs and resorts across India.
The Corporate Debtor floated a Collective Investment Scheme assuring earnings returns to investors, receiving investments of approximately Rs.70350000000 cumulatively.
The Security and Exchange Board of India (SEBI) issued show cause notices and directions against the Corporate Debtor under the SEBI Act, 2002.
On 02.12.2016, an order was passed against the Corporate Debtor and its director for recovery of approximately Rs.70350000000.
SEBI issued Recovery Certificate No.1020 of 2016 attaching all immoveable properties of the Corporate Debtor, including United-21 Vanvaso Gir.
…Order passed by the Adjudicating Authority…
The Adjudicating…