As part of the ongoing bankruptcy process of coffee chain firm Cafe Coffee Day (CCD), an application has been filed against the company under Section 7 of the Insolvency and Bankruptcy Code (IBC). According to a regulatory filing by Coffee Day Enterprises to the stock exchanges September 8, the application is filed by IDBI Trusteeship Services before National Company Law Tribunal (NCLT) for alleged default of 228 crore. The coffee major is seeking appropriate legal advice to protect its interest, it said in its filing.
Last month, the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) had stayed the admission of corporate insolvency case brought by NCLT Bengaluru against the the coffee chain firm.
The NCLT order agains…
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