Coffee Day Enterprises stock tanks 15% on Rs 228 crore default allegation

IDBI Trusteeship Services filed an application against Coffee Day under Section 7 of the Insolvency and Bankruptcy Code, for alleged default of Rs 228.45 crore.

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Shares of Coffee Day Enterprises crashed 15 percent on September 11. The shares fell to a low of Rs 47.45 on the NSE in the morning trade, after IDBI Trusteeship Services filed a default application against Coffee Day before the National Company Law Tribunal.

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In a September 8, regulatory filing, Coffee Day Enterprises said that IDBI Trusteeship Services filed an application against Coffee Day under Section 7 of the Insolvency and Bankruptcy Code, for alleged default of Rs 228.45 crore. In the filing, Coffee Day said that it is seeking appropriate legal advice and will take all appropriate steps to protect its interest in the said matter.

On August 11, the National Company Law Appellate Tribunal (NCLAT) had previously stayed an order allowing Coffee Day Global to be admitted to the insolvency process. The NCLAT at that time noted that it had found certain arguable points that needed clarification and asked IndusInd Bank to file its response in two weeks.

The matter is likely to come up for a hearing on September 25.  On July 20, the Bengaluru bench of the National Company Law Tribunal (NCLT) admitted Coffee Day Global, which runs the Cafe Coffee Day chain, to insolvency after IndusInd Bank moved a petition alleging default on Rs 94 crore.

Also read: Coffee Day Enterprises Q1 profit at Rs 23 crore

In August 2023, Coffee Day Enterprises reported a net profit of Rs 21 crore against a loss of Rs 17 crore in Q1FY22. Revenue grew 18 percent to Rs 247 crore. Coffee Day Global Enterprises owns 495 cafes in 158 cities. Additionally, it has set up 285 CCD Value Express kiosks and vending machines across workplaces and businesses.

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