Occupational Hazard

Deccan Chronicle Holdings, the Hyderabad based newspaper publisher, is fighting for survival in the National Company Law Tribunal (NCLT). With debt of around Rs8,000 crore, the company has been dragged to the NCLT under the Insolvency and Bankruptcy Code (IBC) and is now waiting for a bidder to save it from liquidation. "We have to ensure that this company survives or else 40,000 jobs, direct and indirect, could be in jeopardy," says a source closely associated with the resolution process. Srei Group's Vision India Fund, the only bidder left, has agreed to pay Rs1,000 crore and acquire the company. A resolution would mean that Deccan Chronicle is acquired by another group or promoter as a going concern.

The Insolvency and Bankruptcy Code, seen as a path breaking reform, now poses a moral dilemma. While it has hastened the resolution process of many long pending corporate loan default cases, it has also led to a substantial number of companies getting liquidated in the absence of any takers for their