NCLT adjourns insolvency case against Deccan Chronicle Holdings to July 19

Last week, Tribunal had admitted Canara Bank's plea to initiate insolvency process against the firm

Hyderabad-bench of the National Company Law Tribunal (NCLT) on Thursday heard the arguments in a petition seeking the initiation of insolvency proceedings against Deccan Chronicle Holdings (DCHL).

The bench has adjourned the matter, pending the issuance of orders to July 19. Last week, the NCLT had admitted the petition of Canara Bank, one of the financial creditors of the debt-laden company, filed under section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.

The bank is seeking orders for appointment of an Interim Resolution Professional (IRP) and an imposition of a moratorium, required to initiate the insolvency process.

The bench had admitted the