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Espresso Day Enterprises Ltd, which operates the Cafe Espresso Day retailers, stated on Friday that an software has been filed at NCLT towards the corporate below Part 7 of Insolvency and Chapter Code.
The applying has been filed by IDBI Trusteeship Providers earlier than Nationwide Firm Regulation Tribunal, Bengaluru for alleged default of Rs 228 crore.
“An software has been filed towards the Firm below Part 7 of the Insolvency and Chapter Code, 2016 learn with Rule 4 of the Insolvency and Chapter Guidelines, 2019 by IDBI Trusteeship Providers Restricted earlier than the Nationwide Firm Regulation Tribunal, Bengaluru for alleged default of Rs 228,45,74,180,” stated the corporate in a inventory change submitting.
“The Firm is looking for applicable authorized recommendation and can take all applicable steps to guard its curiosity within the aforesaid matter,” added Espresso Day.
Espresso Day Enterprises has been in hassle after the dying of founder Chairman V G Siddhartha in July 2019. It’s paring its money owed by way of asset resolutions and has considerably scaled it down from the time the difficulty began.
The agency has posted a internet revenue of Rs 24.57 crore for June quarter 2023-24. Within the year-ago interval, it incurred a lack of Rs 11.73 crore.
Income from operations was at Rs 223.20 crore within the quarter below evaluate. It was Rs 189.63 crore within the year-ago interval, as per the quarterly outcomes of Espresso Day Enterprises Ltd (CDEL).
Its merchandising machine depend went as much as 50,870 in June quarter from 46,603 within the year-ago interval.
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