Shares of Coffee Day Enterprises Ltd (CDEL) soared as much as 20% on Monday to Rs 25.65 on the BSE after the National Company Law Appellate Tribunal (NCLAT) set aside insolvency proceedings against the company, offering a major relief to the operator of the Café Coffee Day chain.
The Chennai bench of the NCLAT overturned the National Company Law Tribunal’s (NCLT) August 2024 order that had admitted an insolvency plea filed by IDBI Trusteeship Services Ltd over an alleged default of Rs 228 crore. A detailed copy of the ruling is awaited.
In a stock exchange filing, Coffee Day Enterprises said the appellate tribunal had allowed its appeal and annulled the insolvency resolution process that had been initiated against it. The order was…
