Tanglin Development Ltd News Today : Breaking News, Live Updates & Top Stories | Vimarsana

IndusInd Bank has withdrawn its insolvency resolution application against Coffee Day Global after assigning its loans to asset reconstruction company ASREC (India).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.

Cafe Coffee Day: The National Company Law Appellate Tribunal has stayed the admission of Coffee Day Enterprises 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.

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.