IDBI Trusteeship Moves NCLT Against Coffee Day Enterprises For Rs 229-Crore 'Default'
IDBI Trusteeship Services Ltd. has filed an insolvency application against Coffee Day Enterprises Ltd. for an alleged default of Rs 228.5 crore.
The plea has been filed with the National Company Law Tribunal's Bengaluru branch under the Insolvency and Bankruptcy Code, according to an exchange filing on Friday issued after market hours.
This is part of the ongoing bankruptcy proceedings against the company, which owns and operates Cafe Coffee Day outlets.
The company is seeking legal assistance and will take appropriate steps to protect its interests in the matter, it said.
Coffee Day Enterprises' stock closed 0.85% higher at Rs 53.1 apiece, as compared with a 0.47% gain in the benchmark NSE Nifty 50.
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