NCLT admits insolvency petition against Coffee Day

Bengaluru: The Bengaluru bench of the National Company Law Tribunal (NCLT) has admitted an insolvency application filed by one of the lenders against Coffee Day Global (CDGL). The application has sought the initiation of a corporate insolvency resolution process (CIRP) for Rs 94 crore.
Coffee Day Enterprises, which owns Coffee Day Global and which runs the Cafe Coffee Day chain, disclosed this in a stock exchange filing.
The filing said Coffee Day Global is waiting for the written order from the NCLT, and informed that the company would take the required legal action in the matter.
Coffee Day recently said the total financial indebtedness of listed entities, including short-term and long-term debt, was Rs 465 crore for the quarter ended June. tnn