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Srei Infra Finance’s arm gets Deccan Chronicle
The insolvency process of the debtridden Deccan Chronicle Holdings Limited DCHL entered final phase on Friday with Committee of Creditors CoC voting in favour of revised resolution plan submitted by Vision India Fund of Kolkatabased Srei Multiple Asset Investment Trust Managers
Hyderabad: The insolvency process of the debt-ridden Deccan Chronicle Holdings Limited (DCHL) entered final phase on Friday with Committee of Creditors (CoC) voting in favour of revised resolution plan submitted by Vision India Fund of Kolkata-based Srei Multiple Asset Investment Trust Managers.
Srei Multiple Asset Investment Trust Managers is a part of Srei Infrastructure Finance Limited which is also one of the creditors of DCHL which publishes Deccan Chronicle, Andhra Bhoomi and some other publications. According to sources, the resolution plan received over 80 per cent votes in its favour at the last count.
“This percentage may go up as the due diligence is still going on,” the sources added. As per Insolvency and Bankruptcy Code (IBC), 66 per cent of votes are required for a resolution plan to get through. That way, Vision India Fund’s plan received overwhelming response this time
With resolution plan getting CoC’s approval, DCHL’s Insolvency Resolution Professional Mamta Binani is expected to submit a status report to Hyderabad Bench of NCLT which will in turn pave way for the takeover of the trouble-hit media house by Vision India Fund.
Interestingly, the CoC rejected Vision India Fund’s plan earlier with 56 per cent votes in its favour and 44 per cent against. In that plan, Vision India Fund made an offer to pay a paltry Rs 370 crore. “It made a better offer this time, increasing payouts to lead banks as well as operational creditors,” the source added, without giving specific details about the payments.
Financial creditors including banks and financial institutions have a combined exposure of whopping Rs 8,053 crore to DCHL. That apart, dues to operational creditors stand at Rs 154 crore. Going by the offer made by Vision India Fund, financial creditors will not get even five per cent of their money.
