At the same time, CDEL’s subsidiary Coffee Day Global was battling another insolvency petition by IndusInd Bank over an alleged ₹94 crore default.
On July 20, 2024, the NCLT admitted Coffee Day Global to insolvency and appointed Shailendra Ajmera as the interim resolution professional to run the company’s operations.
However, this was later amicably settled with IndusInd Bank withdrawing its insolvency application after transferring the debt to ASREC (India) Ltd., an asset reconstruction company.
