Ending nearly two-years-long suspense over resolution for ailing media house Deccan Chronicle NSE 2.59 % Holdings Ltd, the National Company Law Tribunal on Monday approved the resolution plan submitted by Kolkata-based Srei group.
The tribunal has approved the resolution plan of Srei Multiple Asset Investment TrustNSE -7.98 % Vision India Fund involving Rs 408.06 crore in cash, certain high-value assets and a share in Indian Premier League team Deccan Chargers to be distributed among 37 financial creditors against Rs 8,180 crore of loans extended by them. The operational creditors had extended Rs 154.36 crore to the media house. The NCLT order did not provide any indicative value of the assets and share in DeccanNSE -0.44 % Chargers to be distributed among the lenders.
While granting various reliefs sought by the financial and operational creditors, the tribunal, however, has refused to provide reliefs sought to stall the investigations by the CBI or SFIO into an alleged fraud at Deccan Chronicle Holdings (DCHL).
