The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed insolvency proceedings against Coffee Day Enterprises till the next date of hearing.
Coffee Day Enterprises operates the Cafe Coffee Day chain.
Passing an interim order, the Chennai-based bench of the appellate tribunal stayed the operations of the NCLT order.
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 submissions of the company.
NCLAT order came over a petition filed by Malavika Hegde, Executive Director-CEO of the suspended board of the company.
NCLT Order
Last week NCLT ordered insolvency proceedings against Coffee Day Enterprises.
NCLT is the…
