The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Coffee Day Enterprises.
The company, which runs CCD chains, in an exchange filing, said that the NCLAT allowed its appeal and set said last year’s National Company Law Tribunal (NCLT) order initiating the insolvency proceedings.
In August 2024, NCLT ordered insolvency proceedings against the company following a petition filed by its creditor IDBI Trusteeship Services Limited over an alleged non-payment of dues of Rs 228 crore.
Subsequently, Malavika Hegde, a shareholder and director in the company, appealed against the order before NCLAT and got a stay order on August 14, 2024. Later, IDBI Trusteeship approached the Supreme Court, which…
