NCLT Bengaluru admits insolvency petition filed by IDBI Trusteeship Services against Coffee Day Enterprises, the parent company of the Coffee Day Group which owns and operates a resort, renders consultancy services and is also engaged in the sale and purchase of coffee beans.
Coffee Day Enterprises had defaulted on a payment of Rs 228 crore.
The company had issued an aggregate of 2000 unlisted, unrated, secured, redeemable non-convertible debenture (“NCDs) of nominal value of Rs 10,00,000 each, aggregating to Rs 200 crore not more than two tranches, through private placements. The financial creditor — IDBI Trusteeship Services – had subscribed 1,000 NCDs at the price of Rs 100 crore.
In lieu of the…
