# In the matter of Deccan Chronicle Holdings Limited IA (IBC) 33,96, 231-2020 & IA (IBC) 480, 526 & 620-2021 & IA (IBC) 363 & 1205-2022 & IA(IBC) 559, 738-2023 & Inv.P(IBC)-25-2023 in CP(IB)No.41-7-HDB-2017

> NCLT judgment dated 2023-05-02. Citation: TCN-2023-NCLT-03528. The document pertains to various Interlocutory Applications (IAs) filed in the matter of Canara…

- **Court:** NCLT
- **Order date:** 2 May 2023
- **Citation:** TCN-2023-NCLT-03528
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/deccan-chronicle-holdings-limited-ia-ibc-3396-231-2020-ia-ibc-480-526-620-2021-i-80cb9f14

## Summary

### Background

The document pertains to various Interlocutory Applications (IAs) filed in the matter of Canara Bank vs. Deccan Chronicle Holdings Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. These IAs cover a range of issues, including challenges to attachment orders, extensions of bank guarantees, implementation of resolution plans, and settlement of claims. The court is addressing these applications, setting hearing dates, and issuing directions to the involved parties.

## Facts

Canara Bank initiated corporate insolvency resolution process (CIRP) against Deccan Chronicle Holdings Limited under Section 7 of the IBC, 2016. Several IAs have been filed related to the CIRP, including challenges to attachment orders by the Successful Resolution Applicant (SRA), requests for extension of bank guarantees, and applications for implementation of the resolution plan. The Enforcement Directorate (ED) issued attachment orders against some properties covered by the resolution plan, leading to challenges by the SRA. The Resolution Professional is also involved in the proceedings, representing the Corporate Debtor. The court is actively managing these IAs, setting hearing dates, and issuing directions to the parties involved. One IA (IA 480/2021) has become

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## Issues and analysis

### Issue 1: Whether the attachment order against some of the properties covered by the resolution plan should …

**Ratio:** The Successful Resolution Applicant (SRA) has the right to challenge attachment orders

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**Reasoning:** The court is considering the SRA's challenge to the attachment order issued by the ED.

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**Interpretation:** The legal issue involves balancing the rights of the SRA to implement the

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**Application:** The court will need to assess the validity of the attachment order and its

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Canara…
- **Respondents:** Deccan Chronicle…

## Timeline

- **2023-05-02 — Hearing…**: Attendance cum order sheet of the…
- **2023-05-23 — Next Hearin…**: Several IAs are listed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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