Orders in Deccan Chronicle case deferred to April 8
The Hyderabad Bench of National Company Law Tribunal (NCLT) will now issue orders on April 8 on the interim application (IA) filed by IDBI Bank
Hyderabad: The Hyderabad Bench of National Company Law Tribunal (NCLT) will now issue orders on April 8 on the interim application (IA) filed by IDBI Bank challenging lower allocation of funds for it in the resolution plan approved by Committee of Creditors (CoC) of debt-ridden Deccan Chronicle Holdings Limited (DCHL). Orders on approved resolution plan will also be given on the same day.
These orders were scheduled to be delivered on Monday, but Ratakonda Murali, Member (Judicial), Court-I of NCLT Hyderabad Bench, deferred them to April 8.
Meanwhile, Canara Bank on Monday submitted written submission on IA 24 and 121 of 2019 filed by IDBI Bank and Resolution Professional. Other 8 IAs related to this case will be also be taken up on April 8.
IDBI Bank, one of the financial creditors to the debt-ridden media house, knocked at the doors of NCLT, objecting to the way proceeds from the resolution process were being distributed among financial and operational creditors.
The bank argued that it was unfairly treated while allocating amount offered by resolution applicant Vision India Fund of Kolkata-based Srei Multiple Asset Investment Trust (SMAIT) for DCHL.
The bank said it was allocated just 3.86 per cent of the total amount offered in the resolution plan while its loan amount constituted 6.71 per cent of the total loans availed by DCHL.