Coffee Day stock price: Plunges as it faces insolvency after NCLT admits creditor’s petition 

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The shares of Coffee Day Enterprises Limited were trading at ₹46.49, down by ₹2.58 (5.26 per cent) on NSE at 2 pm on Friday.

On Thursday, Coffee Day Enterprises Limited (CDEL) disclosed that the National Company Law Tribunal (NCLT) in Bengaluru has admitted an application filed by IDBI Trusteeship Services Limited against the company. The application, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiates the Corporate Insolvency Resolution Process (CIRP) for a sum of ₹ 2,28,45,74,180.

CDEL stated that it plans to take necessary legal action in response to the NCLT’s decision. CDEL is facing financial challenges that have led to this insolvency proceeding.