# In the matter of Gir Vanvaso Resort vs. Pancard Clubs Ltd.

> NCLAT judgment dated 2025-12-16. Citation: TCN-2025-NCLAT-00607. The case involves an appeal against an order dated 11.09.2025 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 16 Dec 2025
- **Citation:** TCN-2025-NCLAT-00607
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/gir-vanvaso-resort-vs-pancard-clubs-ltd-88719a6e

## Summary

### Background

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.

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority had jurisdiction to entertain and decide the IA No.3973 of 2023 …

**Ratio:** The Adjudicating Authority had the jurisdiction to entertain and decide the IA No.3973 of

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**Reasoning:** The application was filed by the Resolution Professional before the approval of the

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**Interpretation:** The substitution of the SRA for the Resolution Professional does not invalidate

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**Application:** The Adjudicating Authority's decision to proceed with the application through

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Gir Vanvaso…
- **Respondents:** Pancard Clu…
- **Other parties:** Manish Kalidas…; Nitin Suresh…; +1 more
- **Advocates:** Krishnendu…; Malak B…; +8 more

## Timeline

- **2025-09-11 — Order Da…**: Order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai…
- **2020-09-09 — CIRP Init…**: The Adjudicating Authority, Mumbai initiated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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