According to a recent media report, Cafe Day Global, the main operator of the popular cafe chain Cafe Coffee Day, has entered into bankruptcy proceedings. The development occurred after IndusInd Bank filed a plea with the National Company Law Tribunal (NCLT). The Bengaluru chapter of NCLT has admitted Cafe Day Global for the corporate insolvency process following a breakdown of negotiations between the company and IndusInd Bank. However, Cafe Day Global has not officially confirmed or denied the bankruptcy rumors.
NCLT Appoints Legal Team for Bankruptcy Proceedings
Tatva Legal and Skanda Legal have been appointed as counsels for the respondent and applicant in this matter, as per the NCLTs official record. Cafe Day Global, founded in 19…
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