The National Company Law Appellate Tribunal (NCLAT) has temporarily halted insolvency proceedings against Coffee Day Enterprises (CDEL), allowing the company to continue operations. This decision suspends an August 8 order by the National Company Law Tribunal (NCLT) that had initiated a debt resolution process. CDEL, facing a petition from IDBI Trusteeship Services (IDBITS) over a ₹228.45 crore default, will have its case reviewed further. Since the death of founder VG Siddhartha in 2019, CDEL has reduced its debt significantly, from ₹7,200 crore to ₹1,292 crore.
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