Cafe Day Global, the main operator of widely-known cafe chain Cafe Coffee Day, has been admitted for bankruptcy proceedings, a latest media report said on Monday. The development comes after IndusInd Bank filed a plea with the NCLT in this regard, an Economic Times report said. The report adds that the Bengaluru chapter of National Company Law Tribunal has admitted Cafe Day Global for the corporate insolvency process. The report further added that the Cafe Day Globals bankruptcy process has been initiated after a breakdown of negotiations between the company and IndusInd Bank. However, there has been no official confirmation or denial by Cafe Day Global regarding the bankruptcy buzz.
The NCLTs official record says Tatva Legal and Skanda…
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