Coffee Day shares shoot up 16% on insolvency deal with IndusInd Bank

Coffee Day Global and IndusInd Bank have informed the Chennai bench of National Company Law Appellate Tribunal (NCLAT) on September 13 that they have reached a settlement and have withdrawn insolvency litigations.

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Shares of Coffee Day Global traded 16 percent higher on the NSE by mid-day on September 13, after the company averted insolvency proceedings and reached a settlement with IndusInd Bank. As of 1:10pm,  the shares were trading at Rs 50, up from Tuesday’s close of  Rs 42.75.

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Coffee Day Global and IndusInd Bank have informed the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) on September 13 that they have withdrawn the insolvency litigations on reaching a settlement.

On August 11, the NCLAT had stayed an order allowing Coffee Day Global to be admitted to the insolvency process. The NCLAT noted that it had found certain arguable points that called for clarifications and asked IndusInd Bank to file its response in two weeks.

The Bengaluru bench of the National Company Law Tribunal (NCLT) On July 20 had 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 Global and IndusInd bank reach settlement, withdraw insolvency litigation 

Last week, as per a regulatory filing, IDBI Trusteeship Services had also filed an application against Coffee Day under Section 7 of the Insolvency and Bankruptcy Code, for alleged default of Rs 228.45 crore. Coffee Day Global said that it was seeking appropriate legal advice and would be taking steps to protect its interest in the matter.

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