The cloud of bankruptcy hangs over the popular coffeehouse chain – Café Coffee Day! This became evident after Coffee Day Enterprises Ltd (CDEL) disclosed a debt of Rs 280, according to a Business Standard report citing an exchange deposit in the March quarter. Notably, the CDEL owns Coffee Day or CCD, the popular meeting place. In a major development, CDEL lenders plan to send the firm to the National Company Law Tribunal (NCLT) to find a debt settlement. CDEL revealed that it defaulted on loans during the March 2021 quarter. Their latest debt size stood at Rs 280 crore, according to the BS report.Read also – IPL 2021 RR vs RCB Head to Head, prediction, fantastic tips, weather forecast: pitch report, game forecast 11s, squads for Rajasthan Royals vs Royal Challengers Bangalore Match 43 at Dubai International Stadium
This follows the failure of the company’s asset sale strategy to progress significantly, according to the BS report. The CDEL said there had been a delay in servicing the debt due to a liquidity crisis, according to the BS report. Read also – LP vs PR Dream11 Team Prediction, Fantasy Hints Everest Premier League T20 Match 7: captain, vice captain – Lalitpur Patriots vs Pokhara Rhinos, playing 11s and team news for today’s T20 game at Tribhuvan University Ground 9:15 am IST Wednesday September 29
Café Coffee Day is part of Coffee Day Global Limited, has been one of the favorite places for coffee and conversation in India. Popularly known as CCD, the company opened its first cafe in 1996 at Brigade Road in Bangalore. The company claims that it is the largest chain of organized retail cafes in the country and that it also has a presence in Austria, the Czech Republic and Malaysia. Read also – IPL 2021: Venkatesh Iyer also scores with the ball
Besides the coffee chain, Coffee Day deals with exports. Coffee Day Exports has been one of the largest green coffee exporters in India since 1999. It exports to the Middle East, Europe and Japan. It has invested in research and development and successfully applied learning to improve the promotion of various coffee blends and increase its exports.
In 2008, Coffee Day Global Limited ventured into the hospitality industry. Coffee Day Hotels & Resorts was formed as a subsidiary of Coffee Day Global Limited, The Serai’s Chikmagalur Resort was declared open.