Cafe Coffee Day may be headed for bankruptcy after defaulting on loan payments: Report

Sumary of Cafe Coffee Day may be headed for bankruptcy after defaulting on loan payments: Report:

• Coffee Day Enterprises Limited (CDEL), which owns the Cafe Coffee Day chain, may be headed for bankruptcy after defaulting on loans during the March quarter..
• CDEL’s lenders are considering taking the company to the National Company Law Tribunal (NCLT) for debt resolution, Business Standard has reported..
• The company said it has outstanding dues of Rs 280 crore in terms of cash credits from banks or financial institutions..
• CDEL was planning on selling its front-end vending machine and stores’ assets to the Tata Group but the talks failed due to the high valuation sought by the management, Business Standard reported..
• The Economic Times said the company owed money to four lenders—Axis Bank, SSG Singapore and Aditya Birla Finance…

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From MoneyControl - 09/04/2021