The counsel appearing for Coffee Day Global Limited and IndusInd Bank on Wednesday told the Chennai bench of NCLAT about the agreement reached between the company and the bank. For this reason NCLAT has canceled the bankruptcy order against the company. Coffee Day Global runs a chain of cafes under the name Desh Café Coffee Day.
An agreement has been reached between Coffee Day Global Limited (CDGL) and IndusInd Bank regarding the outstanding loan amount. For this reason NCLAT has canceled the bankruptcy order against the company. Coffee Day Global runs a coffee chain named Café Coffee Day in the country.
The counsel appearing for Coffee Day Global Limited and IndusInd Bank on Wednesday told the Chennai bench of NTLAT about the agreement reached between the company and the bank. Also appealed to withdraw the bankruptcy case.
Bankruptcy order canceled
A two-member bench of Justices M Venugopal and Srisha Merla heard the arguments given by the lawyer and after completion of the arguments, canceled the order declaring Coffee Day Global Limited bankrupt.
Earlier, NCLAT had put an interim stay on an order of NCLT, in which it had ordered a bankruptcy process against CDGL.
Let us tell you, on July 20, IndusInd Bank had given an application in the NCLT bench of Bengaluru, in which the outstanding amount of Rs 94 crore was claimed.
Coffee Cafe Day business
Coffee Café Enterprises Limited (CDEL) operates 469 cafes and 268 CCD Value Express kiosks across 154 cities in the country. Along with this, the company operates 48,788 vending machines in hotels and workplaces. The company’s income in the financial year 2022-23 was Rs 869 crore. During this period the company had registered a loss of Rs 67.77 crore.
