HC order restrains Deccan Chronicle from selling off property in Mumbai
In an arbitration petition filed by Tata Capital against Deccan Chronicle Holdings Ltd (DCHL) for recovery of a Rs 101 crore loan, the Bombay High Court has restrained DCHL from selling or disposing of its building in Lower Parel area of Central Mumbai.
The High Court also ordered attachment of six accounts of DCHL in ICICI Bank, HDFC Bank, Punjab National Bank and Canara Bank and ordered that transactions only up to the extent of Rs 5 crore in these accounts are permitted.
The story started when a term loan had been sanctioned by Tata Finance to DCHL, which it allegedly defaulted in repaying. A notice was served and DCHL later mortgaged the DCHL building to Tata Finance.
As per court order, the respondents has been restrained from selling or disposing of the property in any manner.
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arbitration petition, Bombay High Court, Court orders, DCHL building, Deccan Chronicle, Deccan Chronicle Holdings Ltd (DCHL), Lower Parel, Mumbai, Tata Capital
