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IndusInd Bank has withdrawn its insolvency resolution application against Coffee Day Global after assigning its loans to asset reconstruction company ASREC (India). The withdrawal was allowed by the National Company Law Appellate Tribunal (NCLAT) in Chennai. Coffee Day Global owns 495 Café Coffee Day outlets and has a debt of Rs 960 crore ($130 million) as of March 2022. This development comes as Coffee Day Enterprises is facing its own insolvency resolution application.
"The Indian leadership looked to find credible solutions for assuaging the global headwinds by adopting a humanist and developmental stance. It succeeded to forge a consensus on the historical 'New Delhi Declaration' which proffered ingenious solutions to many pressing global problems. This also reflected India's emergence as a leader of the Global South," said R Dinesh, president of the CII and executive vice chairman at TVS Supply Chain Solutions.
Gautam Adani-led promoter group has increased its stake in Adani Enterprises and Adani Ports and Special Economic Zone Ltd, as part of their claw back strategy after facing damaging reports, first from from US-based short-seller Hindenburg Research and later from OCCRP. The stake increase comes after US-based investment firm GQG Partners bought shares in Adani group firms.
Star Health and Allied Insurance Company Ltd, the only listed health insurer in India, is facing allegations of fraudulent claims and unjustified suspension of cashless claims from hospitals in Ahmedabad. The insurer has decided to re-evaluate the list of eligible hospitals after serving notices to over 100 hospitals for contract violations and fraudulent claims.