TNN / Updated: Sep 12, 2023, 04:06 IST
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Coffee Day, in a regulatory filing to the stock exchange on September 8, said that IDBI Trusteeship had filed a case against the company for recovery of Rs 228 crore. (Photo by Agencies)
MUMBAI:
Coffee Day Enterprises
is likely to initiate a settlement with
IDBI Trusteeship
, which has initiated bankruptcy proceedings against the beleaguered beverage chain to recover dues on behalf of bondholders.
Coffee Day, in a regulatory filing to the stock exchange on September 8, said that IDBI Trusteeship had filed a case against the company for recovery of Rs 228 crore. On Monday, shares of the company fell 14.6% to Rs 45 apiece following the news of the bankruptcy proceedings.
Lenders expect that the company would come forward for a settlement because in February Phoenix ARC had initiated insolvency proceedings, which were withdrawn after the company came forward for a settlement.
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