HYDERABAD: In a major setback to Deccan Chronicle Holdings Ltd (DCHL), the National Company Law Tribunal (NCLT) in Hyderabad on Wednesday admitted an insolvency petition filed by Canara Bank against the beleaguered company.
The tribunal posted the case to July 11 for announcing its decision on the consequential steps to be taken after admission of such pleas. These include declaring of moratorium, initiating corporate insolvency resolution process and also appointing an insolvency resolution professional (IRP), Dishit Bhattacharjee, standing counsel for Canara Bank, told TOI.
A company is said to be insolvent when it cannot meet its obligations or pay its debts. Once insolvency proceedings are initiated, the IRP appointed sta…
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