Chennai, Sep 13 (IANS): The National Company Law Appellate Tribunal (NCLAT) on Wednesday ordered termination of the Corporate Insolvency Resolution Process (CIRP) against Coffee Day Global Ltd (CDGL), a subsidiary of Coffee Day Enterprise Ltd.
In a regulatory filing Coffee Day Enterprises said: "The NCLAT, Chennai on 13th September 2023 passed an order terminating CIRP Proceedings against CDGL and set aside NCLT order."
The NCLT on 20.7.2023 ordered admission and initiation of CIRP against CDGL for its debt of Rs 94 crore.
The CDGL had appealed to NCLAT against the NCLT’s order and the former had stayed the CIRP on 11.8.2023.
The lender IndusInd Bank had assigned the loan given to CDGL to an asset reconstruction company and had filed a joint memorandum with NCLAT to set aside the NCLT’s 20.7.2023 order.
CDGL runs the Café Coffee Day chain of outlets.