Cafe Coffee Day faces bankruptcy proceedings under IBC Section 7


Content Team
Image Credit: NewsBytes

Cafe Coffee Day (CCD), a popular coffee chain in India, is facing bankruptcy proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC). IDBI Trusteeship Services has filed an application against CCD before the National Company Law Tribunal (NCLT) for an alleged default of Rs. 228 crore. The coffee chain is seeking legal advice to protect its interests, while the insolvency case admission has been temporarily stayed by the NCLT.