NCLAT stays insolvency proceedings against Cafe Coffee Day parent

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NCLAT stays insolvency proceedings against Cafe Coffee Day parent - YourStory

Quick Summary:

NCLAT's Chennai bench stayed the operations of the NCLT order over a petition filed by Malavika Hegde, Executive Director - CEO of the suspended board of the company.

"At this stage, we are only consulting the argument extended by the parties pertaining to the procedural flaw committed by the respondent (IDBITSL) in drawing the proceeding under Section 7, which was mandatory going to the terms of the trust deed as relied on by the parties," the bench said.

Till the next date of listing, the effect of the operation of the impugned order, admitting the appellant (CDEL) to Section 7 procedures will be kept in abeyance," said a bench comprising Justice Sharad Kumar Sharma and Jatindranath Swain.