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…