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Sep 05, 2012, 10.55 AM IST
Tata Capital has moved the Bombay High Court for recovery of Rs 100 crore from Deccan Chronicle (DCHL). The suit follwed non-payment of dues by DCHL to Tata Capital and the case is to be heard in September.
DCHL has been troubled with debt woes and it has outstanding dues with various financial institutions. Lenders were also mulling the possibility of selling the collaterals to recover the outstanding amount. The company had mortgaged two properties in Lower Parel and the high court has attached both properties along with six accounts of the company to recover Tata Capital’s debt. It has also attached personal investments of promoter T. Venkat Ramireddy.
Even ICICI and IFCI have moved the Debt Recovery Tribunal (DRT) for clearance of dues. Karvy Stock Broking has also filed an FIR against DCHL and its director for asking for recovery.
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