NCLT admits Canara Bank's insolvency plea against Deccan Chronicle group

An interim resolution professional to be appointed to resolve the matter

Ending a five-year long wait for the lenders of the Deccan Chronicle Holdings Limited (DCHL), the National Company Law Tribunal (NCLT) on Wednesday ordered the appointment of an interim resolution professional(IRP), besides imposing a moratorium on the liquidation of the debt-laden media company.

The Hyderabad bench was hearing an insolvency petition filed by the Canara Bank under section 7 of Insolvency and Bankruptcy Code(IBC), 2016. The public sector bank based its plea on claims that the firm had an outstanding loan of Rs 723.75 crore.

Except in a handful of cases where the lenders were able to take possession of certain properties of