Rabobank plans to take Coffee Day Global to bankruptcy court
Coffee Day Global is undergoing a debt resolution process after it missed loan repayments.
Synopsis
Coffee Day Global houses the nationwide retail outlet network, Xpress cafés and the office vending business of the eponymous group founded by the late VG Siddhartha. Rabobank’s petition at the National Company Law Tribunal is awaiting hearings and the court has not conveyed any decision on its bankruptcy plea, the people said.
Rabobank is seeking to initiate bankruptcy proceedings against Coffee Day Global, people in the know of the development said, after the coffee chain is said to have defaulted on principal and interest payouts on a foreign currency loan worth around ₹290 crore it raised from the Dutch multinational lender four years ago.
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