The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), which operates the Cafe Coffee Day chain, until the next date of hearing.
The Chennai bench of the appellate tribunal stayed the operations of the National Company Law Tribunal (NCLT) order over a petition filed by Malavika Hegde, Executive Director – CEO of the suspended board of the company.
NCLAT also directed the financial creditor of CDEL—IDBI Trusteeship Services Ltd (IDBITSL)—claiming a default of Rs 228.45 crore, to file a counter affidavit over the company’s submissions.
“In these eventualities, the respondents are directed to file counter affidavits within a period of three weeks. Till…
