NCLT approvesSreiMultiple Assets Resolution Plan for DCHL

The Hyderabad Bench of the National Company Law Tribunal (NCLT)Monday approved the resolution plan for debt-ridden Deccan Chronicle Holdings Ltd (DCHL) submitted by Kolkata-based Srei Multiple Asset Investment Trust (Vision India Fund). Thus the resolution plan dated December 11, 2018, submitted by resolution applicant Srei Multiple Asset Investment Trust (Vision India Fund) which is approved by members of COC having 81.39 per cent voting share stands approved subject to..." the NCLT order said.

The resolution applicant (Srei) shall obtain necessary approvals required under any law for the time being in force with a period of one year from the date of approval of the resolution plan or within such period as provided in such law, the order said. The financial creditors have an exposure of over Rs 8,000 crore to DCHL.

Canara Bank, one of the major lenders to the media house, dragged the DCHL to the NCLT. The Srei group has offered a resolution plan involving over Rs 400 crore for DCHL.