Mumbai: IDBI Trusteeship has moved the Bengaluru bench of the National Company Law Tribunal to initiate insolvency proceedings against Coffee Day Enterprises Ltd for an alleged default of 228 crore, the company said in a regulatory filing on Friday.
Coffee Day Enterprises is the parent company of the Coffee Day group.
The company is seeking appropriate legal advice and will take all appropriate steps to protect its interest in the matter,” Coffee Day Enterprises said in the statement on the stock exchanges.
IDBI Trusteeship has filed the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which provides for a creditor to initiate insolvency against a corporate debtor.
Meanwhile, IndusInd Bank, one of the financ…
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