The National Company Law Appellate Tribunal (NCLAT) has set aside an order of the National Company Law Tribunal (NCLT) that allowed corporate insolvency resolution process (CIRP) against Coffee Day Enterprises Ltd (CDEL), the operator of the Cafe Coffee Day chain.
A two-judge panel of the Chennai bench of the NCLAT, comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain, on Thursday quashed the NCLT order.
The appellate tribunal had, in August 2024, stayed the order of NCLT initiating CIRP against the company.
NCLAT passed the order on an appeal filed by Malavika Hegde, a shareholder and director of the company, challenging the NCLT order that allowed a bankruptcy petition filed by IDBI…
