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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.