Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Deccan Chronicle Holdings Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The bank claimed that Deccan Chronicle had defaulted on a debt of Rs. 723,75,09,963 as of February 20, 2017. The bank presented documentary evidence, including balance sheets, demand notices under the SARFAESI Act, and statements of account, to support its claim. Deccan Chronicle opposed the petition, raising objections related to jurisdiction, the existence of default, discrepancies in the claim amount, and the pendency of winding-up proceedings before the High Court and a status quo order by the Supreme Court.
Canara Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Deccan Chronicle Holdings Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had defaulted on a debt of Rs. 723,75,09,963 as of February 20, 2017. The Financial Creditor presented documentary evidence, including the Corporate Debtor's balance sheets for the year 2011-2012, demand notices issued under Section 13(2) of the SARFAESI Act 2002 on December 31, 2012, and possession notices published in newspapers on March 16, 2013. The Corporate Debtor had also filed CA Nos. 347 and 346 of 2013 seeking sanction of a composite scheme of demerger and arrangement before the High Court, in which it admitted a total
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Financial Creditor filed OA No. 817/2012…
Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Deccan Chronicle Holdings Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The bank claimed that Deccan Chronicle had defaulted on a debt of Rs. 723,75,09,963 as of February 20, 2017. The bank presented documentary evidence, including balance sheets, demand notices under the SARFAESI Act, and statements of account, to support its claim. Deccan Chronicle opposed the petition, raising objections related to jurisdiction, the existence of default, discrepancies in the claim amount, and the pendency of winding-up proceedings before the High Court and a status quo order by the Supreme Court.
Canara Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Deccan Chronicle Holdings Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had defaulted on a debt of Rs. 723,75,09,963 as of February 20, 2017. The Financial Creditor presented documentary evidence, including the Corporate Debtor's balance sheets for the year 2011-2012, demand notices issued under Section 13(2) of the SARFAESI Act 2002 on December 31, 2012, and possession notices published in newspapers on March 16, 2013. The Corporate Debtor had also filed CA Nos. 347 and 346 of 2013 seeking sanction of a composite scheme of demerger and arrangement before the High Court, in which it admitted a total
…The account of the…
Financial Creditor filed OA No. 817/2012…