Man stands outdoors a Cafe Coffee Day outlet in New Delhi, India on this file picture.
| Photo Credit: REUTERS
The Bengaluru bench of the National Company Law Tribunal (NCLT) has orally admitted an insolvency plea, made by a monetary creditor, against Coffee Day Global Ltd. (CDGL), the owner and operator of espresso chain, Cafe Coffee Day (CCD).
The utility filed by one of many lenders against the fabric subsidiary, Coffee Day Global Ltd., earlier than NCLT, Bengaluru, has been admitted (oral order) beneath Section 7 of Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) for ₹94 crore, Coffee Day Enterprises Ltd., the holding firm of CDGL, mentioned in a regulatory submitting on Monday.
According to market sources, NCLT handed the order on a petition filed by IndusInd Bank, one of many collectors.
However, CDGL was nonetheless ready for the written order from the NCLT. The submitting additionally mentioned the subsidiary would take required authorized motion on this regard.
CCD, arrange by espresso grower and entrepreneur V.G. Siddhartha in 1996, presently has greater than 1,000 shops throughout the nation.
