NCLAT Stays Insolvency Proceedings Against Coffee Day Enterprises

The National Company Law Appellate Tribunal (NCLAT) has issued a stay on the insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the company behind the Cafe Coffee Day chain, until the next hearing.

This decision came from the Chennai bench of the tribunal, which addressed a petition filed by Malavika Hegde, Executive Director-CEO of the suspended board.

NCLAT directed IDBI Trusteeship Services Ltd (IDBITSL), the financial creditor alleging a Rs 228.45 crore default, to submit a counter affidavit in response to CDEL's claims within three weeks.

(With inputs from agencies.)