Shares of Coffee Day Enterprises jumped 20 percent to hit the upper circuit at Rs 25.65 apiece on March 3, after an exchange filing on February 28 said that the Chennai-bench of National Company Law Appellate Tribunal (NCLAT) has ruled in its favour, dismissing the bankruptcy plea against the company by IDBI Trusteeship involving a Rs 228 crore default.
The Bengaluru bench of the National Company Law Tribunal (NCLT) had on August 8 admitted a plea by IDBI Trusteeship Services over an alleged default worth Rs 228 crore, along with appointing an interim resolution professional (IRP) to take over operations of the debt-ridden cafe chain.
Coffee Day’s board immediately moved NCLAT to challenge the order, and the NCLAT stayed the Corporate…
