# In the matter of Pancard Clubs Limited

> NCLT judgment dated 2024-02-07. Citation: TCN-2024-NCLT-02735. This case involves multiple Intervention Applications (IVN.P. Nos. 67/2023 and 70/2023) and an…

- **Court:** NCLT
- **Order date:** 7 Feb 2024
- **Citation:** TCN-2024-NCLT-02735
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pancard-clubs-limited-34f33cfb

## Summary

### Background

This case involves multiple Intervention Applications (IVN.P. Nos. 67/2023 and 70/2023) and an application (IA No. 5383/2023) filed in the Corporate Insolvency Resolution Process (CIRP) of Pancard Clubs Limited. Ashdan Properties Private Limited filed IA No. 5383/2023 seeking various reliefs related to the CIRP process, including extending the time period for compliance with a previous order, directing the respondents to provide a list of CoC members, and allowing participation in the preparation of a comparative analysis of resolution plans. Chemhub Tradelink Private Limited and Mr. Vivek Ramnik Patel & Ors. filed intervention applications seeking to intervene in IA No. 5383/2023. The Applicant (Ashdan Properties) alleged that the Resolution Professional and

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## Facts

Pancard Clubs Limited is undergoing Corporate Insolvency Resolution Process (CIRP). Ashdan Properties Private Limited, a prospective resolution applicant (PRA), filed IA No. 5383/2023 seeking various directions, alleging non-compliance of previous Tribunal orders. The previous order dated November 1, 2023, directed the Resolution Professional (RP) to allow shortlisted PRAs to apprise their financial bids to the Committee of Creditors (CoC) and for a comparative analysis to be uploaded. Ashdan Properties claimed the order was not followed in letter and spirit, citing issues with the evaluation report (48 pages, not in layman's language), dual representation of their resolution plan, and misrepresentation of asset values. They also alleged that the RP fixed the 16th CoC

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## Issues and analysis

### Issue 1: Whether the Resolution Professional and Authorised Representative complied with the orders of the …

**Ratio:** The law requires substantial compliance with the orders of the Adjudicating Authority.

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**Reasoning:** The Tribunal found that the Resolution Professional and Authorised Representative had

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**Interpretation:** The interpretation of compliance focuses on the substance rather than the form.

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**Application:** In this case, the Tribunal found that the RP and AR had substantially complied

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## Parties

- **Judges:** SH. Justice…; SH. PRABHAT…
- **Appellants:** Ashdan Properties…
- **Respondents:** Pancard Clubs…; Rajesh Sureshchand…

## Timeline

- **2018-01-01 — CP(IB) No. 457…**: Original petiti…
- **2023-11-01 — Tribunal…**: Tribunal passed Order in IA No. 3850/2023 directing the Resolution Professional to allow…

## 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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