The Coffee Day Enterprises Limited has informed the exchange that the legal matter is ongoing before the tribunal, with negotiation for settlement also proceeding altogether with IDBI Trusteeship Services Ltd .”The arguments in NCLAT are ongoing and in parallel the parties are negotiating for settlement,” said Coffee Day Enterprises Limited in their regulatory filing.
The matter relates to IDBI Trusteeship Services Ltd approaching the Supreme Court, wherein the Supreme Court has directed the concerned NCLAT, Chennai to dispose of the pending appeal before February 21.
If the appeal is not disposed of by then, the impugned order of NCLT Bangalore under section 7 of CIRP shall be vacated automatically.
The National Company Law Tribunal (NCLT) in Bengaluru ordered insolvency proceedings against Coffee Day Enterprises Ltd (CDEL) on August 8, 2024.
Later, the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) stayed the corporate insolvency resolution proceedings against Coffee Day Enterprises following an appeal filed by Malvika Hegde, a shareholder and director of Coffee Day Enterprises, challenging the 8 August order by the NCLT.
