{"id":109855,"date":"2023-09-13T14:02:57","date_gmt":"2023-09-13T08:32:57","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=109855"},"modified":"2023-09-13T14:03:50","modified_gmt":"2023-09-13T08:33:50","slug":"coffee-day-hits-20-upper-circuit-after-it-settles-with-indusind-bank-nclat-sets-aside-insolvency-proceedings","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/coffee-day-hits-20-upper-circuit-after-it-settles-with-indusind-bank-nclat-sets-aside-insolvency-proceedings\/","title":{"rendered":"Coffee Day hits 20% upper circuit after it settles with IndusInd Bank; NCLAT sets aside insolvency proceedings"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1511206067\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Coffee Day Global Ltd (CDGL) and its financial creditor IndusInd Bank have reached a settlement, following which NCLAT has set aside an insolvency order against the company which owns and operates coffee chain <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/COFFEEDAY\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Cafe Coffee Day<\/a><\/strong>.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3040717309\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>On Wednesday, attorneys for CDGL and IndusInd bank informed the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) of the settlement and requested authorization to end the insolvency proceedings. In order to set aside the order admitting CDGL to insolvency, a two-member bench made up of Justices M. Venugopal and Shreesha Merla took their arguments into consideration.<\/p><p>The National Company Law Tribunal (NCLT) order that directed the initiation of insolvency proceedings against CDGL was stayed in effect by an interim order issued by NCLAT on August 11. Malavika Hegde, Director of CDGL and widow of the late VG Siddhartha, appealed this NCLT order to the appellate tribunal.<\/p><p>On July 20, the NCLT&#8217;s Bengaluru bench issued a ruling regarding a petition brought by IndusInd Bank, a creditor of the business who sought payment of Rs 94 crore in back debt. After suspending the board, NCLT also named Shailendra Ajmera as the interim resolution specialist. In February 2019, CDGL submitted a short-term loan request for Rs 115 crore.<\/p><div class=\"trade-content_5\" id=\"trade-2435635787\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>As per the annual report of its parent firm Coffee Day Enterprises Ltd (CDEL) for FY23, CDGL owns 469 cafes in 154 cities and 268 CCD Value Express kiosks. It operated 48,788 vending machines that dispense coffee in corporate workplaces and hotels under the brand.<\/p><p>In 2022-23, CDGL&#8217;s consolidated net operational revenue was Rs 869 crore and had reported a loss of Rs 67.77 crore. CDEL is in trouble since the death of founder Chairman V G Siddhartha in July 2019. It is paring its debt through asset resolutions and has significantly reduced it from the time the trouble started.<\/p><div class=\"trade-after-content\" id=\"trade-3200509835\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Coffee Day Global Ltd (CDGL) and its financial creditor IndusInd Bank have reached a settlement, following which NCLAT has set aside an insolvency order against the company which owns and operates coffee chain Cafe Coffee Day. On Wednesday, attorneys for CDGL and IndusInd bank informed the Chennai bench of the National Company Law Appellate Tribunal [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":23729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[],"class_list":["post-109855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coffee Day hits 20% upper circuit after it settles with IndusInd Bank; NCLAT sets aside insolvency proceedings - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"Coffee Day Global Ltd (CDGL) and its financial creditor IndusInd Bank have reached a settlement, following which NCLAT has set aside an insolvency order against the company which owns and operates coffee chain Cafe Coffee Day.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/coffee-day-hits-20-upper-circuit-after-it-settles-with-indusind-bank-nclat-sets-aside-insolvency-proceedings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coffee Day hits 20% upper circuit after it settles with IndusInd Bank; NCLAT sets aside insolvency proceedings\" \/>\n<meta property=\"og:description\" content=\"Coffee Day Global Ltd (CDGL) and its financial creditor IndusInd Bank have reached a settlement, following which NCLAT has set aside an insolvency order against the company which owns and operates coffee chain Cafe Coffee Day.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/coffee-day-hits-20-upper-circuit-after-it-settles-with-indusind-bank-nclat-sets-aside-insolvency-proceedings\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-13T08:32:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T08:33:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/Coffee-day-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Trade Brains\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Trade Brains\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/coffee-day-hits-20-upper-circuit-after-it-settles-with-indusind-bank-nclat-sets-aside-insolvency-proceedings\/\",\"url\":\"https:\/\/tradebrains.in\/features\/coffee-day-hits-20-upper-circuit-after-it-settles-with-indusind-bank-nclat-sets-aside-insolvency-proceedings\/\",\"name\":\"Coffee Day hits 20% upper circuit after it settles with IndusInd Bank; 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