Application filed against Coffee Day Enterprises for insolvency proceeding

New Delhi, Sep 8 : An application has been filed against Coffee Day Enterprises under Section 7 of the Insolvency and Bankruptcy Code, 2016 for insolvency proceedings.

The application has been filed by IDBI Trusteeship Services Limited before the National Company Law Tribunal, Bengaluru for alleged default of Rs 228.

45 crore.

"The Company is seeking appropriate legal advice and will take all appropriate steps to protect its interest in the aforesaid matter," Coffee Day Enterprises said in a filing.

This application comes almost a month after the National Company Law Appellate Tribunal (NCLAT) had stayed an order of the NCLT that had directed initiation of insolvency proceedings against the company.

"This is to inform you that an application has been filed against the Company under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules, 2019 by IDBI Trusteeship Services Limited before the National Company Law Tribunal, Bengaluru for alleged default of Rs 228,45,74,180.

"The Company is seeking appropriate legal advice and will take all appropriate steps to protect its interest in the aforesaid matter," the company said in the filing.