IDBI Bank, IOB dissent against Srei-backed resolution plan for DCHL

The two banks cite unfair treatment saying other lenders will get disproportionately higher amounts, object to payout through a mix of cash and non-core assets

IDBI Bank and Indian Overseas Bank (IOB) have dissented from the resolution plan for Deccan Chronicle Holdings (DCHL), which was presented by Vision India Fund and backed by Kolkata-based Srei Alternative Investment Managers.

Financial creditors have an exposure of close to Rs 8,000 crore to DCHL. The committee of creditors had earlier approved Vision India Fund’s resolution plan of about Rs 1,000 crore with about 82 per cent voting in favour. 

This was the second plan by the Srei-backed fund. The first plan was rejected by the bankers. Earlier, Vision India Fund had put in a bid for Rs 800 crore, but