Indiabulls recovers majority of loan from Deccan Chronicle
Lenders trying to find a way to recover loans from financially troubled Deccan Chronicle.
Of the 100-crore loan exposure to the financially-troubled Deccan Chronicle Holdings Ltd, Indiabulls Housing Finance Ltd has recovered Rs. 77 crore. DCHL’s properties were auctioned online by Indiabulls.
Last year, DCHL defaulted on its loan payments, resulting in Indiabulls taking possession of two residential and three commercial properties, under Sarfaesi Act.
Gagan Banga, Managing Director and Chief Executive Officer, Indiabulls Housing Finance, pointed out that the market value of the properties (mortgaged to IFHL) is about Rs. 200 crore.
Besides mortgaging properties, DCHL has also pledged shares amounting to approximately Rs. 3.22 crores with Indiabulls.
Devendra Jain, CMD of NPAsource.com, where the properties were auctioned, confirmed the developments.
Lenders, including Indiabulls are pursuing various legal options against DCHL, under Section 138 of the Negotiable Instruments Act, 1881, and The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002. The company owes Rs. 3,914 crore to its lenders.
Axis Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, Tata Capital, IFCI and Jammu and Kashmir Bank, have approached courts in pursuit of their loans.
Source: Hindu Business Line
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