Coffee Day Enterprises faces insolvency application under IBC for alleged default of Rs 228 crore

The application alleges that Coffee Day Enterprises has defaulted on payments amounting to Rs 228 crore.

Coffee Day Enterprises faces insolvency application under IBC for alleged default of Rs 228 crore
Coffee Day has come under the legal spotlight as IDBI Trusteeship Services files an application against the company, image credit: Reuters

In a recent development, Coffee Day Enterprises Limited has come under the legal spotlight as IDBI Trusteeship Services files an application against the company under Section 7 of the Insolvency and Bankruptcy Code (IBC).

The application alleges that Coffee Day Enterprises has defaulted on payments amounting to Rs 228 crore.

In response to this legal action, Coffee Day Enterprises has stated that it is currently seeking appropriate legal advice to protect its interests in this matter.

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Updated: Fri, Sep 08, 2023
05:58 PM IST
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