Page 2 - Day Global News Today

Coffee Day Enterprises, which owns the brand, has informed the stock exchange about the insolvency application filed by IDBI Trusteeship.

Coffee Day Enterprises (CDEL) informed the exchange about the insolvency application filed by IDBI Trusteeship without naming the bondholder. CDEL is Coffee Day Globals holding company that operates the Cafe Coffee Day chain.

Ares SSG Capital Management has filed an application for corporate insolvency of Coffee Day Enterprises (CDEL) due to a bond default. CDELs holding company, Coffee Day Global, was already admitted for corporate insolvency. Several lenders of CDEL have sold their debt to different asset reconstruction companies.

Coffee Day Enterprises (CDEL) informed the exchange about the insolvency application filed by IDBI Trusteeship without naming the bondholder. CDEL is Coffee Day Globals holding company that operates the Cafe Coffee Day chain. On March 31, 2022, CDEL had defaulted on ₹115.37 crore of bond payments to Credit Opportunities II Pte and ₹116.55 crore to India Special Situation Scheme, both funds of Ares SSG Capital.

Malavika Hegde, the suspended Director of CDGL and wife of late VG Siddhartha, moved the Chennai bench of NCLAT against the NCLT order.

The National Company Law Appellate Tribunal has stayed the admission of Coffee Day GLobal following a challenge by the promoter, Malavika Hedge, who argued that the default occurred during a calm period amid the global pandemic in March 2020, when lenders were barred from approaching the National Company Law Tribunal.

Coffee Day Enterprises, the parent company of Cafe Coffee Day, is facing financial difficulties and has been admitted for insolvency proceedings by the National Company Law Tribunal. The company is awaiting a formal order and plans to take legal action. The stock fell over 19% following the news.

According to the order, which Moneycontrol has reviewed, Coffee Day obtained various credit facilities from IndusInd bank from April 2018

Coffee Day Global, which operates Cafe Coffee Day chain, was admitted in bankruptcy court for insolvency proceedings on the behest of IndusInd Bank, which filed a claim in court that the company had defaulted on term loans of Rs 115 crore that were disbursed to it in 2019.

Ajmera: Coffee Day Global, which operates Cafe Coffee Day chain, was admitted in bankruptcy court for insolvency proceedings on the behest of IndusInd Bank, which filed a claim in court that the company had defaulted on term loans of Rs 115 crore that were disbursed to it in 2019.