The National company Law Tribunal (NCLT), Bengaluru bench has admitted the insolvency plea against Coffee Day Enterprises Ltd (CDEL), the parent company of the Coffee Day Group that runs the Cafe Coffee Day.
The insolvency petition was filed on September 8, 2023 under section 7 of the Insolvency and Bankruptcy Code, 2016, by IDBI Trusteeship Services Limited over an alleged default of ₹228.45 crore.
NCLT held that there is an existence of ‘Debt’ and ‘Default’ in this case; declaring moratorium under section 14 of the IBC.
The bench comprised of judicial member K Biswal and technical member Manoj Kumar Dubey.
The tribunal has appointed Ashish…
