The parent company of the Coffee Day Group, which runs the Cafe Coffee Day network of coffee shops, Coffee Day Enterprises(CDEL), has been ordered to begin insolvency proceedings by the Corporate Dispute Tribunal NCLT. On August 8, the IDBI Trusteeship Services (IDBITSL) case, which claimed a default of Rs. 228.45 crore, was accepted by the Bengaluru bench of the National firm Law Tribunal (NCLT). An interim resolution specialist was designated to oversee the management of the indebted firm.
In addition to owning and running a resort, CDEL also sells and buys coffee beans. However, CDEL has fallen behind on coupon payments for redeemable non-convertible debentures (NCDs).
In March 2019, the financial creditor paid Rs 100 crore for…
