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The Economic Times

NCLAT stays insolvency proceedings against Coffee Day Enterprises

The National Company Law Appellate Tribunal (NCLAT) has temporarily halted insolvency proceedings against Coffee Day Enterprises (CDEL), allowing the company to continue operations. This decision suspends an August 8 order by the National Company Law Tribunal (NCLT) that had initiated a debt resolution process. CDEL, facing a petition from IDBI Trusteeship Services (IDBITS) over a ₹228.45 crore default, will have its case reviewed further. Since the death of founder VG Siddhartha in 2019, CDEL has reduced its debt significantly, from ₹7,200 crore to ₹1,292 crore.

Mint

NCLAT stays insolvency proceedings against Coffee Day Enterprises

NCLAT stayed insolvency proceedings against Coffee Day following an appeal by director Malvika Hegde challenging an NCLT order initiated by IDBI Trusteeship

The Economic Times

NCLAT stays insolvency proceedings against Coffee Day Enterprises till next date of hearing

The NCLAT halted insolvency proceedings against Coffee Day Enterprises Ltd, operators of Cafe Coffee Day, pending further hearings. The tribunal instructed IDBI Trusteeship Services Ltd, the financial creditor asserting a Rs 228.45 crore default, to file a counter affidavit within three weeks. This decision followed an appeal from Malavika Hegde, Executive Director-CEO of the company.

Mint

Coffee Day share price nosedives 19% after NCLT initiates bankruptcy proceedings

Coffee Day share price dropped over 19% after NCLT commenced bankruptcy proceedings against Coffee Day Enterprises Ltd. The stock opened at ₹38, hit a low of ₹37.55, and a high of ₹41.05, breaching key support levels.

Business Standard

NCLT orders insolvency trial against Coffee Day Enterprises on IDBI claims

Corporate dispute tribunal NCLT has ordered initiating insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses. The Bengaluru bench of the NCLT (National Company Law Tribunal) on August 8 admitted the plea filed by IDBI Trusteeship Services Ltd (IDBITSL) claiming a default of Rs 228.45 crore and appointed an interim resolution professional to take care of the operation of the debt-ridden company. CDEL, which also owns and operates a resort, renders consultancy services and is engaged in the sale and purchase of coffee beans, had defaulted in the payment of coupon payments of redeemable non-convertible debentures (NCDs). The financial creditor had subscribed 1,000 NCDs through private placement and paid Rs 100 crore towards the subscription in March 2019. For that CDEL executed and entered into an agreement with IDBITSL agreeing to appoint as the debenture trustee for the debenture

The Economic Times

NCLT orders insolvency proceedings against Coffee Day Enterprises

The NCLT has begun insolvency proceedings against Coffee Day Enterprises Ltd (CDEL) following a plea by IDBI Trusteeship Services Ltd, citing a Rs 228.45 crore default. The tribunal appointed an interim resolution professional, noting CDEL’s failure to make coupon payments on debentures and rejecting CDEL’s objections. The default was acknowledged in their annual reports.

Business Line

Coffee Day stock plunges as it faces insolvency after NCLT admits creditor’s petition

NCLT admits application under the Insolvency and Bankruptcy Code filed by IDBI Trusteeship Services against Coffee Day Enterprises