The CBI had earlier charged the DC group, for criminal conspiracy and causing wrongful loss of Rs 357.77 crore to Canara Bank.
In a blow to Deccan Chronicle Holdings Ltd (DCHL), the National Company Law Tribunal (NCLT) in Hyderabad on Wednesday, reportedly admitted an insolvency petition filed by Canara Bank.
Reporting that a company is ‘insolvent’, when it is unable to pay its debts, the Times of India quoted Canara Bank’s counsel as stating that a moratorium period of 180 days would be set if the petition went through.
After the period, a decision is taken on whether to liquidate the company, or revive it with a new management, the TOI report added.
The case will come up…
Read the full article at: http://www.thenewsminute.com/article/deccan-chronicle-financial-fraud-case-tribunal-admits-insolvency-petition-canara-bank-64726
