Cafe Coffee Day in trouble, company in bankruptcy crisis in loan case of ₹ 228 crore – new trouble for coffee day: insolvency plea against company over rs 228 crore loan default


New Delhi: An application for insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed against Coffee Day Enterprises. An application has been filed before the National Company Law Tribunal, Bengaluru by IDBI Trusteeship Services Limited for alleged default of Rs 228.45 crore.

Coffee Day Enterprises said in a filing, “The company is taking appropriate legal advice and will take all appropriate steps to protect its interests in the above matter. This application has been filed by the National Company Law Appellate Tribunal (NCLAT) to stay the NCLT order.” This comes almost a month after the company was directed to initiate insolvency proceedings against the company.

“This is to inform you that a case has been filed by IDBI Trusteeship Services Limited before the National Company Law Tribunal, Bengaluru against the company for alleged default of Rs 228,45,74,180 in compliance with Rule 4 of the Insolvency and Bankruptcy Rules, 2019,” the filing said. An application has been filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read. It also said, “The company is taking appropriate legal advice and will take all appropriate steps to protect its interests in the above matter.

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