HYDERABAD: Invoking Section 7 of the Insolvency and Bankruptcy Code (IBC), the National Company Law Tribunal (NCLT) bench at Hyderabad on Wednesday appointed an insolvency resolution professional (IRP) for resolving the debt crisis at Hyderabad-based Deccan Chronicle Holdings Ltd (DCHL) and declared a moratorium of 180 days.
A bench of Rajeswara Rao Vittanala, member (judicial), and Ravi Kumar Duraisamy, member (technical), pronounced this order after hearing the petition filed by Canara Bank, which had knocked on the tribunal’s doors after attempts to recover dues running into over 700 crore from the beleaguered Hyderabad-based company proved to be futile.
Though the DCHL counsel made a last-ditch attempt to get the appoint…
Read the full article at: http://timesofindia.indiatimes.com/city/hyderabad/dchl-debt-crisis-nclt-kick-starts-insolvency-process/articleshow/59674957.cms