NCLT orders Insolveny of DHCL
Written by : SMTV24x7 | Thu, Jul 20, 2017, 06:43 PM
Hyderabad July 20: A company has received a shock.
National Company Law Tribunal (NCLT) bench at Hyderabad yesterday has appointed an insolvency resolution professional (IRP) for resolving the debt crisis for Deccan Chronicle Holdings Ltd (DCHL).
The bench has ordered the above according to Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 which was framed by a law passed by the Parliament. The court has declared a moratorium of 180 days.
The court has given this orders when a petition was filed by Canara Bank. Currently, the company owes 700 crores to the bank. Finally, the bank hopes that this order would help the bank to recover its dues.