The Deccan Chronicle Holdings Ltd’s debt recast seems to have run into a stone-wall.
ICICI Bank, the lead bank to the consortium of banks, has withdrawn the case from the Corporate Debt Restructuring (CDR) cell.
The consortium, including ICICI Bank, Axis Bank, Kotak Mahindra Bank, Canara Bank, will now have to resolve their Rs 4,000-crore exposure bilaterally.
Canara Bank is conducting a forensic audit of the accounts of the Hyderabad-based media group.