Deccan Chronicle case posted to April 16

Hyderabad: The Hyderabad Bench of National Company Law Tribunal (NCLT) posted Corporate Insolvency Resolution Process (CIRP) case of debt-ridden Deccan Chronicle Holdings Limited (DCHL) to April 16.

Ratakonda Murali, Member (Judicial), Court-I of NCLT Hyderabad Bench, was scheduled to deliver orders 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 DCHL.

The orders on the IA will now be issued on April 16. Orders on the approved resolution plan will also be announced on the same day. Other 8 IAs related to this case will be also be taken up on the same day.

"The Resolution Professional has moved the application (IA) No. 272/2019 on behalf of Resolution Applicant. RP contended one of the financial creditors filed counter in IA No 66/2019 and therefore it is necessary that resolution applicant to be heard in the light of submissions made in the counter filed by financial creditor.

Therefore, resolution applicant is permitted to intervene and submit arguments if any," the NCLT Court said in its orders on Monday. IDBI Bank, a financial creditor, approached 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 SMAIT for DCHL.