# In the matter of Pancard Club Ltd. CP (IB) 4578(MB)-2018

> NCLT judgment dated 2019-04-03. Citation: TCN-2019-NCLT-04163. The case involves CP (IB) 4578(MB)/2018 and MA 488/2019 before the National Company Law…

- **Court:** NCLT
- **Order date:** 3 Apr 2019
- **Citation:** TCN-2019-NCLT-04163
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pancard-club-ltd-cp-ib-4578mb-2018-64667b6d

## Summary

### Background

The case involves CP (IB) 4578(MB)/2018 and MA 488/2019 before the National Company Law Tribunal (NCLT), Mumbai Bench. The Financial Creditor's counsel is present. A notice served to the Corporate Debtor was returned marked "LEFT", and the petitioner is directed to serve notice again through newspaper publication. SEBI is taking action against the same Corporate Debtor, and a process for the sale of attached property is underway for investor payments. A Civil Writ Petition against the Recovery officer, SEBI, has been filed, and the High Court has ordered regarding R3 company assets.

## Facts

The case is CP (IB) 4578(MB)/2018 and MA 488/2019 before the NCLT Mumbai. The Financial Creditor's counsel is present. The notice served to the Corporate Debtor was returned with the remark "LEFT". The Petitioner is directed to serve notice again through newspaper publication. SEBI is taking action against the same Corporate Debtor company. The process for the sale of the attached property is going on for payment to the investors. A Civil Writ Petition against the Recovery officer, SEBI, has been filed. The High Court has ordered regarding R3 company assets, which have been auctioned to recover dues exceeding Rs. 7000 crores. Total 68 properties, of which 15 have been auctioned and 53 are in process. The matter is pending before the High Court, where stay

…

## Issues and analysis

### Issue 1: Whether the petitioner should be directed to re-serve notice to the Corporate Debtor through …

**Ratio:** The principle of natural justice requires that all parties to a legal proceeding must be

…

**Reasoning:** The court reasoned that the initial notice served to the Corporate Debtor was returned

…

**Interpretation:** This issue involves the interpretation of procedural rules regarding service of

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Nitin Suresh…
- **Respondents:** Pancard Cl…

## Timeline

- **2019-04-03 — Hearing…**: Hearing of Mumbai Bench of the…
- **2019-05-28 — Next Hearin…**: Case listed for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/pancard-club-ltd-cp-ib-4578mb-2018-64667b6d