Deccan Chronicle Holdings moves Hyderabad HC against move to seize office

Argues that Indiabulls cannot take possession of its properties in view of ongoing insolvency proceedings

The resolution professional of Deccan Chronicle Holdings (DCHL) on Tuesday approached the Hyderabad High Court challenging Indiabulls Financial Services’ attempt to seize the company’s corporate office in Secunderabad. 

Indiabulls has a Rs 1.65-billion claim from Deccan Chronicle, which is undergoing an insolvency resolution at the Hyderabad bench of National Company Law Tribunal (NCLT). 

Armed with an order by Hyderabad’s chief metropolitan magistrate, the officials of the non-banking financial company on Monday initiated seizure of Deccan Chronicle head office in Secunderabad under the Sarfaesi Act. 

Indiabulls claimed to have an exclusive lien over the media house’s corporate office and a printing press property at