In August last year, the Bengaluru Bench of the NCLT had ordered insolvency proceedings against CDEL while hearing a petition filed by its financial creditor IDBI Trusteeship Services Limited (IDBITSL) over an alleged non-payment of dues of ₹228 crore. The tribunal had ordered to appoint an interim resolution professional to take care of the operation of the debt-ridden company.
Malavika Hegde, a shareholder and director in the company, had appealed against the NCLT order before NCLAT and managed to get a stay order on August 14, 2024. However, this was challenged by IDBITSL before the Supreme Court, which had on January 31, 2025, directed the Chennai bench of NCLAT to dispose of the pending appeal before February 21,…
