BENGALURU: Coffee Day Global, which manages the Cafe Coffee Day (CCD) chain, has been admitted for corporate insolvency. It is facing bankruptcy after IndusInd Bank filed a petition to the National Company Law Tribunal (NCLT), Bengaluru.
In an exchange filing, the company said, “The application filed by one of the lenders against the material subsidiary Coffee Day Global Limited before National Company Law Tribunal (NCLT), Bengaluru, has been admitted (oral order) under Section 7 of Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) for Rs 94 crore.”
It added, “However, the Material subsidiary is waiting for the written order from the NCLT, Bengaluru Bench. Further, the Material Subsidiary has informed the Company that it will take the required legal action in this regard.” Earlier, in the first week of July, it said the total financial indebtedness of listed entities including short-term and long-term debt was Rs 465.25 crore.