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Coffee Day Enterprises
Coffee Day Enterprises Ltd (CDEL), which owns the Cafe Coffee Day chain, is trying to negotiate a settlement with its creditor IDBI Trusteeship Services in parallel to the ongoing proceeding before insolvency appellate tribunal NCLAT. On August 14, 2024, the National Company Law Appellate Tribunal (NCLAT) stayed the insolvency proceedings initiated against CDEL by NCLT over the plea of DBI Trusteeship Services Ltd (IDBITSL). However, this was challenged by IDBITSL before the Supreme Court, which had on January 31, 2025, directed the Chennai bench of NCLAT to dispose of the pending appeal before February 21, 2025. The apex court had also directed that if the appeal filed by CDEL is not disposed of by NCLAT, then the order passed by the appellate tribunal staying the Corporate Insolvency Resolution Process (CIRP) shall stand vacated automatically. Updating the status, CDEL in a regulatory filing on Sunday informed: "The arguments in NCLAT are ongoing and in parallel the parties are .
Corporate dispute tribunal NCLT has ordered initiating insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses. The Bengaluru bench of the NCLT (National Company Law Tribunal) on August 8 admitted the plea filed by IDBI Trusteeship Services Ltd (IDBITSL) claiming a default of Rs 228.45 crore and appointed an interim resolution professional to take care of the operation of the debt-ridden company. CDEL, which also owns and operates a resort, renders consultancy services and is engaged in the sale and purchase of coffee beans, had defaulted in the payment of coupon payments of redeemable non-convertible debentures (NCDs). The financial creditor had subscribed 1,000 NCDs through private placement and paid Rs 100 crore towards the subscription in March 2019. For that CDEL executed and entered into an agreement with IDBITSL agreeing to appoint as the debenture trustee for the debenture
Coffee Day Enterprises Ltd has reported a total default of Rs 433.91 crore on payments of interest and repayment of principal amount on loans from banks, financial institutions, and unlisted debt securities for the December quarter. Coffee Day Enterprises Ltd (CDEL), which is paring its debts through asset resolution, in a regulatory update said "the delay in debt servicing is due to liquidity crisis". CDEL reported a default of Rs 183.36 crore on the payment of the principal amount on loans or revolving facilities like cash credit from banks or financial institutions as on December 31, 2023. Besides, it has also defaulted on the repayment of interest of Rs 5.78 crore on the above. For unlisted debt securities such as Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preference Shares (NCRPS), the default amount was Rs 200 crore as on December 31, along with a default in payment of interest of Rs 44.77 crore. "Due to default in repayment of interest and principal...
Coffee Day Enterprises Ltd on Thursday reported a consolidated net loss of Rs 109.15 crore for the second quarter ended September 2023 on account of exceptional items. It had reported a profit of Rs 4.35 crore in the July-Septemer period a year ago, according to a regulatory filing from Coffee Day Enterprises Ltd (CDEL). However, its revenue from operations was up 12.75 per cent at Rs 258.40 crore in the second quarter of this fiscal. It was at Rs 229.16 crore in the year-ago period. It has expenses of Rs 119.22 crore in the exceptional items. CDEL had a Profit before exceptional items and tax of Rs 3.50 crore. "During the Quarter ended 30 September 2023, Tanglin Developments Limited(subsidiary) has received its Global Village Second tranche sale proceeds of Rs 349 crores prost deductions of certain expenses incurred by GV Tech Parks on behalf of the Tanglin Developments Limited(subsidiary) and for non-satisfaction of certain CP's as agreed in the investment agreement and an amoun
Coffee Day Enterprises Ltd (CDEL) on Thursday reported a total default on payments of loans' principal and interest amount of Rs 433.91 crore for the September 2023 quarter. This is lower than the June quarter when CDEL had reported a total default of Rs 440.25 crore. Its "total financial indebtedness of listed entity, including short term and long term debt", is Rs 433.91 crore in the July-September quarter, the company said in a disclosure to bourses on Thursday. According to CDEL, its total outstanding amount is Rs 189.14 crore from loans or revolving facilities like cash credit from banks or financial institutions. Of this, CDEL defaulted on Rs 183.36 crore principal amount and an interest payment of Rs 5.78 crore as of date. The company's total outstanding from unlisted debt securities, such as NCDs and NCRPS, is Rs 244.77 crore. Of this, the total amount of default as of date is Rs 200 crore along with an interest of Rs 44.77 crore, the company noted. "Due to default in ...
Shares of Coffee Day Enterprises Ltd jumped 20 per cent on Wednesday after Coffee Day Global Ltd (CDGL) and its financial creditor IndusInd Bank reached a settlement, following which NCLAT has set aside an insolvency order against the company which owns and operates coffee chain Cafe Coffee Day. The stock rallied 19.77 per cent to settle at Rs 51.26 apiece on the BSE. During the day, it jumped 20 per cent to Rs 51.36 -- its upper circuit limit. On the NSE, it zoomed 20 per cent to Rs 51.30 per piece -- its upper circuit. In volume terms, 31.18 lakh shares of the company were traded on the BSE and over 2 crore shares on the NSE during the day. Counsel representing CDGL and IndusInd bank on Wednesday informed the Chennai bench of National Company Law Appellate Tribunal (NCLAT) about the settlement and sought permission to withdraw insolvency litigations. A two-member bench comprising Justice M Venugopal and Shreesha Merla took their submissions on record and set aside the order ...
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
The National Financial Reporting Authority has imposed fines totalling Rs 1.10 crore on three entities, including two individual auditors, in connection with lapses in auditing of Tanglin Developments Ltd (TDL), a subsidiary of Coffee Day Enterprises Ltd. Besides, the auditing firm -- Sundaresha & Associates -- and the two auditors -- C Ramesh and Chaitanya G Deshpande -- have been barred from taking up auditing work for varying periods. The case pertains to the diversion of funds worth Rs 3,535 crore from seven subsidiary companies of Coffee Day Enterprises Ltd (CDEL), a listed company, to Mysore Amalgamated Coffee Estate Ltd (MACEL). NFRA has found lapses in auditing of the books of TDL for 2019-20. The regulator said it has taken a stern action against the three entities for professional misconduct and failure to report irregularities in the company's books in 2019-20, despite having access to the details of an investigation that was ordered following the death of the company's
Coffee Day Enterprises Ltd (CDEL) on Tuesday reported a total default of Rs 440.25 crore in the quarter ended on June 30, 2023. Its "total financial indebtedness of listed entity including short term and long term debt" is Rs 465.25 crore, the company stated in a regulatory filing to bourses. According to CDEL, its total outstanding amount is Rs 220.48 crore from loans or revolving facilities like cash credit from banks or financial institutions. Of this, CDEL defaulted on Rs 189.70 crore as well as an interest payment of Rs 5.78 crore as of date. The company's total outstanding from unlisted debt securities such as NCDs and NCRPS is Rs 244.77 crore. Of this, the total amount of default as of date is Rs 200 crore along with an interest of Rs 44.77 crore, CDEL said. The company is trying to pair its debts through asset resolutions and has significantly scaled it down from the time when the trouble started after the death of founder Chairman V G Siddhartha in July 2019. In March 20
Coffee Day Enterprises Ltd (CDEL) has reported a total default of Rs 436.06 crore for the quarter ending on March 31, 2023. Its "total financial indebtedness of listed entity including short term and long term debt" is Rs 461.06 crore, the company stated in an exchange filing. According to CDEL, its total outstanding amount is Rs 220.65 crore from loans or revolving facilities like cash credit from banks or financial institutions. Of this, CDEL defaulted on Rs 189.87 crore as well as an interest payment of Rs 5.78 crore as of date. The company's total outstanding from unlisted debt securities such as NCDs and NCRPS is Rs 240.41 crore. Of this, the total amount of default as of date is Rs 200 crore along with interest of Rs 40.41 crore, CDEL said. The company is pairing its debts through asset resolutions and has significantly scaled it down from the time when the trouble started after the death of founder Chairman V G Siddhartha in July 2019. In March 2020, CDEL announced repayin
Coffee Day Enterprises Ltd has reported a total default of Rs 465.66 crore on payments of interest and repayment of principal amount on loans from banks, financial institutions and Unlisted Debt Securities as NCDs and NCRPS, for the quarter ended September 30, 2022. Coffee Day Enterprises Ltd (CDEL) which is paring its debts through asset resolution, has a total debt of Rs 490.66 crore, including short-term and long-term debt. "The delay in debt servicing is due to liquidity crisis," said Coffee Day Enterprises Ltd (CDEL) in a regulatory update. CDEL has reported a default of Rs 215.11 crore on the payment of the principal amount on loans or revolving facilities like cash credit from banks or financial institutions as on September 30, 2022. Besides, it has also defaulted on payment of interest of Rs 5.78 crore on the above, informed CDEL. While for unlisted debt securities such as NCDs (Non-Convertible Debentures) and NCRPS (Non-Convertible Redeemable Preference Shares), the ...
The debt level of Coffee Day Enterprises has been reduced "significantly" to Rs 1,810 crore as on March 31, the company said in its latest annual report. However, there have been certain defaults in repayments of principal and interest of the loans and certain lenders have exercised their rights including recalling the loans, Coffee Day Enterprises Ltd (CDEL) said. "The debt levels have reduced significantly from Rs 7,214 crore as on March 31, 2019 to Rs 1,898 crore as at the end of March 31, 2021 and to Rs 1,810 crore as at the end on March 31, 2022," CDEL added. Following a circular from market regulator SEBI, CDEL on April 6, 2022, had made a disclosure of defaults on payments of interest and repayment of principal amount on loans from banks, financial institutions and unlisted debt securities for the March quarter. "As per the disclosure, the company has defaulted in payment of interest and principal amounting to Rs 230.66 crore on loans/cash credits from banks/financial ...