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National Company Law Tribunal appoints EY’s Shailendra Ajmera as resolution professional of Café Coffee Day

This comes after tribunal admitted plea against firm for initiation of corporate insolvency resolution process

Our Special Correspondent Mumbai Published 26.07.23, 05:57 AM
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The National Company Law Tribunal (NCLT) has appointed EY’s Shailendra Ajmera as the resolution professional (RP) of Coffee Day Global Ltd (CDGL), which owns and operates the popular chain Café Coffee Day.

This comes after the tribunal admitted a plea against the firm for initiation of a corporate insolvency resolution process (CIRP).

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On Monday, Coffee Day Enterprises (CDEL), the parent of CDGL, had said in a regulatory filing that the Bangalore bench of the NCLT passed an order over a plea filed by a financial creditor, claiming dues of Rs 94 crore.

“The application filed by one of the lenders against the material subsidiary CDGL before NCLT, Bangalore, has been admitted (oral order) under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating CIRP for Rs 94 crore,” it said.

“However, CDGL is waiting for the written order from the NCLT. Further, the material subsidiary has informed the company that it will take the required legal action in this regard,” it said.

According to the NCLT’s order Ajmera has now been appointed as the RP.

Incidentally, Ajmera is also the RP for the budget carrier Go First.

Shares of Coffee Day Enterprises on Tuesday ended with gains of 5.08 per cent at Rs 33.69 on the BSE.

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