Hyderabad: Giving a green signal to ICICI Bank to sell the corporate Hawker aircraft belonging to the Deccan Chronicle Holdings Ltd (DCHL), the Debts Recovery Tribunal (DRT) at Hyderabad has appointed a commissioner to take possession of the aircraft, sell it in open auction and deposit the sale proceeds with the tribunal.
K Sai Mohan, DRT's presiding officer, who heard several petitions filed by ICICI Bank against DCHL seeking recovery of the Rs 500 crore loan dues, passed this order after hearing one of the petitions. This aircraft was pledged as security by the DCHL before taking loan. The judge has also appointed K Buchi Babu, an advocate, as commissioner to take possession of the aircraft and to auction it. He was given a month to complete the task.
08/06/14 Times of India
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K Sai Mohan, DRT's presiding officer, who heard several petitions filed by ICICI Bank against DCHL seeking recovery of the Rs 500 crore loan dues, passed this order after hearing one of the petitions. This aircraft was pledged as security by the DCHL before taking loan. The judge has also appointed K Buchi Babu, an advocate, as commissioner to take possession of the aircraft and to auction it. He was given a month to complete the task.
08/06/14 Times of India
