NCLT’s Bengaluru bench admitted an insolvency plea against Coffee Day Enterprises Ltd (CDEL), the parent company of Cafe Coffee Day. The plea, filed by IDBI Trusteeship Services Ltd, cites a default of Rs 228.45 crore on non-convertible debentures. An interim resolution professional has been appointed. CDEL disputed the move, but NCLT found the debt acknowledgment valid. This could impact investors and stakeholders in Coffee Day Group, potentially affecting stock performance Negatively.
