A two-member bench comprising Justice M Venugopal and Shreesha Merla took their submissions on record and set aside the order admitting CDGL to insolvency.
This comes as a big relief to the coffee chain company. The order has been put on hold till September.
The Chennai bench of the National Company Law Appellate Tribunal has stayed the admission of the plea earlier allowed by the Bengaluru bench.
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.