Coffee Day Global and IndusInd Bank settle insolvency resolution plea at NCLAT
IndusInd Bank has withdrawn its insolvency resolution application against Coffee Day Global after assigning its loans to asset reconstruction company ASREC (India). The withdrawal was allowed by the National Company Law Appellate Tribunal (NCLAT) in Chennai. Coffee Day Global owns 495 Café Coffee Day outlets and has a debt of Rs 960 crore ($130 million) as of March 2022. This development comes as Coffee Day Enterprises is facing its own insolvency resolution application.
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