.jpeg)
CCD's parent company gets big relief from NCLAT, bankruptcy proceedings stayed till next hearing
Cafe Coffee Day: Coffee Day Enterprises Limited (CDEL), the company operating the Cafe Coffee Day (CCD) chain, got a big relief from the National Company Law Appellate Tribunal (NCLAT) on Wednesday. NCLAT stayed the order of bankruptcy proceedings given by NCLT till the next hearing.
On Wednesday, the National Company Law Appellate Tribunal provided a major relief to Coffee Day Enterprises Limited, the company operating the Cafe Coffee Day chain, by staying the order of bankruptcy proceedings given by NCLT till the next hearing.
The Chennai Bench of the Appellate Tribunal passed an interim order, according to which the execution of the NCLT order would be stayed. In its order, NCLAT has directed the financial creditor of CDEL, IDBI Trusteeship Services Ltd., to file a counter affidavit. IDBITSL claimed default of Rs 228.45 crore in its appeal.
A bench of Justices Sharad Kumar Sharma and Jatindranath Swain said, "In such circumstances, the respondents are directed to file a counter affidavit within three weeks. Till the next date of listing, the impugned order to include the appellant (CDEL) in Section-7 proceedings will be kept in abeyance."
