IDBI Trusteeship files insolvency plea against Coffee Day Enterprises

IDBI Trusteeship Services has filed an insolvency petition with the NCLT's Bengaluru bench against Coffee Day Enterprises Ltd (CDEL), claiming dues 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, CDEL said in a regulatory filing on Friday. "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 crore," said CDEL. Under Section 7 of the Insolvency and Bankruptcy Code (IBC), a financial creditor can get insolvency proceedings initiated against the corporate debtor concerned. Last month, the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) stayed the order of the NCLT to initiate insolvency proceedings against Coffee Day Global

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