Notice along with the Agenda for the Fifteenth Meeting of the Committee of

Creditors of Pancard Clubs Limited

(Under Corporate Insolvency Resolution Process)
(CIN: U91900MH1997PLC105363)

Day & Date: Thursday, August 17, 2023

Time: 09:30 AM IST

Venue: Room – Strive,

1st Floor, Deloitte Knowledge Centre,
36B, Dr Shirodkar Marg,
Parel, Mumbai – 400012

Name of Corporate Debtor: Pancard Clubs Limited

Meeting Notice, along with Agenda, by E-mail, sent to:

Financial Creditors

Authorised Representative of Financial Investors in a Class –

1. Mr. Vithal Dahake

Directors of the Corporate Debtor:

1. Ms. Shobha Ratnakar Barde
2. Mr. Manish Kalidas Gandhi
3. Mr. Ramachandran Ramakrishnan

Operational Creditors (if aggregate dues are not less than 10% of the debt):
I.Ramalingeswara Rao, Assistant Commissioner of CGST Division -IX, Mumbai
NOTICE OF THE FIFTEENTH MEETING OF THE COMMITTEE OF CREDITORS OF
PANCARD CLUBS LIMITED

Notice along with agenda for the 15th meeting of the committee of creditors (“CoC”)
of Pancard Clubs Limited (“Corporate Debtor”) (under corporate insolvency
resolution process (“CIRP”)) under the provisions of the Insolvency and
Bankruptcy Code, 2016 (“IBC”) read with the Insolvency and Bankruptcy Board of
India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
(“CIRP Regulations”).

NOTICE is hereby given for invitation to the 15th meeting of the CoC of the
Corporate Debtor (“Meeting”), to be held on Thursday, August 17, 2023, at
09:30 AM through video conferencing or other audio or visual means to transact
the business as specified in the enclosed Agenda.

You are requested to kindly make it convenient to attend the Meeting, either in
person or through an authorized representative, provided that it shall be
informed to the undersigned, at least 24 hours in advance of the Meeting, of the
identity of the authorized representative who will attend the Meeting on your behalf.

In accordance with the provisions of Regulation 21 of the CIRP Regulations, the

members/ participants of the CoC shall attend/ participate in the aforementioned
meeting in person. The participants shall be able to participate through video
conferencing or other audio and visual means. However, we request you to let us
know of your intention of attending the Meeting through video conferencing or other
audio or visual means at least [24 (Twenty-Four)] hours before the time fixed
for the Meeting, so that necessary arrangements can be made at our end to link
the said IP address. It is to be noted that the participants attending the Meeting
through video conferencing or other audio and visual means shall be considered as
part of the quorum for the Meeting.

In terms of Section 21(2) of the IBC, a related party to whom a Corporate Debtor
owes a financial debt shall not have any right to representation, participation and
voting in meetings of the CoC of the Corporate Debtor.

According to the circular dated 10.08.2018 issued by the Insolvency and

Bankruptcy Board of India, in the notice of meetings of the CoC under
section 24 (3) (a) of the IBC read with regulation 21 of the CIRP
Regulations, it is required that lenders must be represented in the CoC or
in any meeting of the CoC by such persons who are competent and are
authorized to take decisions on the spot and without deferring decisions
for want of any internal approval from the financial creditors.
Regards,

Rajesh Sureshchandra Sheth

Insolvency Professional – Regn. No.: IBBI/IPA-002/IP-NO1021/2020-2021/13298
AFA Number - AA2/13298/02/131223/202469 (Valid till December 13, 2023)

Resolution Professional in the matter of Pancard Clubs Limited

IBBI Registered Address:

B-55, Shatdal society, 7th Floor,
Azad Lane, off S.V. Road, Andheri West,
Near shoppers Stop, Mumbai City,
Maharashtra ,400058
Email id – rajeshshethsbi@gmail.com

Process specific address for correspondence:

Deloitte India Insolvency Professionals LLP,
27th-32nd Floor, Tower 3, One International Center,
Elphinstone Mill Compound, Senapati Bapat Marg,
Elphinstone Road (W), Mumbai - 400013

Process specific email id for correspondence: inpclip@deloitte.com

Process Specific website page for information: www.cirppancardclubs.com

Date: August 10, 2023

Place: Mumbai

Encl: Agenda and notes to agenda for the Fifteenth meeting of CoC of the Corporate Debtor
 Agenda

Agenda items for the Fifteenth meeting of the CoC of the Corporate Debtor constituted in
terms of the provisions of Section 21 of the IBC to be held through Video and Audio
Conference are as under:

AGENDA NO PARTICULARS
Chair and Quorum

1 The Resolution Professional (“RP”) to take the Chair

To take roll call and determine requisite quorum and determine mode of
2
participation
List of Matters to be Discussed

3 To confirm the minutes of the 14th CoC meeting held on July 21, 2023.

4 To take note of the updated list of creditors

5 To update the CoC on the CIR process of the Corporate Debtor

6 To provide an update on the resolution process of the Corporate Debtor

To facilitate presentation by Resolution Plan Evaluator on evaluation matrix

7
and feasibility/viability of compliant Resolution Plan(s)
To consider, discuss and recommend the manner of liquidation of the
Corporate Debtor as per Regulation 39C of the CIRP Regulations read with
8 clause (e) or clause (f) of Regulation 32 of the Insolvency and Bankruptcy
Board of India (Liquidation Process) Regulations, 2016 if an order for
liquidation is passed under Section 33 of the Code.
To consider, examine and recommend as per Regulation 39BA of the CIRP
Regulations whether to explore compromise or arrangement as referred to
9
under sub-regulation (1) of Regulation 2B of the Insolvency and Bankruptcy
Board of India (Liquidation Process) Regulation, 2016.
To discuss on the email communications as forwarded by AR on behalf of some
10
of the financial creditors in a class.

List of matters to be voted upon

To consider, discuss and approve the tiebreaker formula as per Regulation

11 39(3B) of the CIRP Regulations with respect to the resolution plans which may
receive equal votes when voted upon by the CoC.
To consider, discuss and approve the Revised Resolution Plan dated June 26,
2023, read along with the addendum submitted by M/s Chemhub Tradelinks
Pvt. Limited under Section 30(4) of the Insolvency and Bankruptcy Code,
12 2016, and to authorise the resolution professional to issue a letter of intent to
M/s Chemhub Tradelinks Pvt. Limited and to file an application with the
Adjudicating Authority for approval of the Resolution Plan submitted by M/s
Chemhub Tradelinks Pvt. Limited.
 To consider, discuss and approve the Revised Resolution Plan dated June 26,
2023, read along with the addendum submitted by M/s Ashdan Properties
Private Limited. Limited, under Section 30(4) of the Insolvency and
13 Bankruptcy Code, 2016, and to authorise the resolution professional to issue
a letter of intent to M/s Ashdan Properties Private Limited and to file an
application with the Adjudicating Authority for approval of the Resolution Plan
submitted by M/s Ashdan Properties Private Limited.
To consider, discuss and approve the Revised Resolution Plan dated June 26,
2023, read along with the addendum submitted by Consortium of Vijay K.
Oswal, M/s Shanti Hospitality and Kantadevi V. Oswal Limited, under Section
30(4) of the Insolvency and Bankruptcy Code, 2016, and to authorise the
14 resolution professional to issue a letter of intent to Consortium of Vijay K.
Oswal, M/s Shanti Hospitality and Kantadevi V. Oswal and to file an application
with the Adjudicating Authority for approval of the Resolution Plan submitted
by Consortium of Vijay K. Oswal, M/s Shanti Hospitality and Kantadevi V.
Oswal.
a) To deliberate, discuss and make a best estimate of the
i. Amount required to meet liquidation costs in the event an order for
liquidation is passed under Section 33 of the Code by the Adjudicating
Authority, as per regulation 39B(1) of the CIRP Regulations, and
ii. Value of the liquid assets available to meet the liquidation costs (as
15
estimated in Regulation 39B(1) of the CIRP Regulations) as per Regulation 39
B(2) of the CIRP Regulations, and,
b) To identify plans providing for contribution for meeting the difference
between the above two values in the event the estimated value of the liquid
assets is less than the estimated liquidation costs as per Regulation 39B(3)
To fix the fee payable to the liquidator, as per regulation 39D of the CIRP
Regulations, if an order of liquidation is passed under section 33 of the Code
for
(a) The period, if any, used for compromise or arrangement under section 230
of the Companies Act, 2013 read with Section 2B of the Insolvency and
16
Bankruptcy Board of India (Liquidation Process) Regulations, 2016;
(b) The period, if any used for sale under clauses (e) and (f) of Regulation 32
of the Insolvency and Bankruptcy Board of India (Liquidation Process)
Regulations, 2016 and
(c) The balance period of liquidation.

The agenda deck containing relevant information and documents pertaining to the matters to
be discussed and issues to be voted upon shall be circulated prior to the meeting and any
further documents shall be provided upon request by the committee of creditors.

Notes on Agenda and Voting:

1. As per Regulation 13(2) of the Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations 2016, the list of creditors will
be available for inspection.

2. As per Section 25A (1), the authorised representative under sub-section (6) or
subsection (6A) of section 21 or sub-section (5) of section 24 shall have the right to
participate and vote in meetings of the committee of creditors on behalf of the
financial creditor he represents in accordance with the prior voting instructions of such
creditors obtained through physical or electronic means. In terms of Section 25A (2),
 it shall be the duty of the authorised representative to circulate the agenda and
minutes of the meeting of the committee of creditors to the financial creditor he
represents.

3. As per provisions of Section 21(8) of the Code, save as otherwise provided in the Code,
all decisions of the CoC shall be taken by a vote of not less than fifty-one per cent of
voting share of the financial creditors. As per provisions of Section 28(3) of the Code,
all decisions taken by the CoC in relation to the actions set out in Section 28(1) of the
Code shall be taken by a vote of not less than sixty-six per cent of voting share of the
financial creditors.

4. As per Section 25A(3A), the Authorised representative under sub-section (6A) of

section 21 shall cast his vote on behalf of all the financial creditors he represents in
accordance with the decision taken by a vote of more than fifty per cent of the voting
share of the financial creditors he represents, who have cast their vote, except vote to
be the case in respect of an application under Section 12A which shall be wherein the
AR shall cast vote in accordance with Section 25A(3).

5. At the end of the voting period, the voting portal shall be forthwith blocked. At the
conclusion of the voting through electronic means, the summary of the decisions taken
on a relevant agenda item along with names of financial creditors who voted for or
against the decision or abstained from voting shall be announced. Within 24 hours of
the conclusion of the voting, a copy of the record shall be circulated to all participants
by electronic means.

E-voting Instructions

The instructions for e-voting are as enclosed.

In case you have any queries or issues regarding e-voting, you may write an email to
inpclip@deloitte.com