New Delhi, June 3 (IANS) The Hyderabad bench of National Company Law Tribunal (NCLT) on Monday approved the Kolkata-based Srei Multiple Asset Investment Trust’s (Vision India Fund) resolution plan for the insolvent Deccan Chronicle Holdings Ltd.
The Srei group resolution plan for the company involves around Rs 400 crore.
“Thus, resolution plan dated December 11, 2018 submitted by resolution applicant Srei Multiple Asset Investment Trust (Vision India Fund) which is approved by members of COC having 81.39 per cent voting share stands approved subject to…,” said the tribunal in its order.
According to the order, Srei Multiple Asset Investment Trust would have to obtain necessary approvals for the acquisition within a year or any period provided by the law concerned.
“The resolution applicant (Srei) shall obtain necessary approvals required under any law for the time being in force with a period of one year from the date of approval of the resolution plan or within such period as provided in such law,” the NCLT order said.
Financial creditors of Deccan Chronicle have an exposure of over Rs 8,000 crore to the media company. Canara Bank, one of the lenders to Deccan Chronicle Holdings, filed for insolvency proceedings against the company and the NCLT admitted the case in July 2017.