The case involves a Company Appeal filed by Malavika Hegde, a shareholder and director of Coffee Day Enterprises Ltd. (Corporate Debtor), against an order passed in Company Petition (IB) No. 152/BB/2023 by the NCLT, Bengaluru Bench, which admitted the Corporate Debtor into CIRP under Section 7 of the I&B Code, 2016. The petition was initiated by IDBI Trusteeship Services Limited, a Financial Creditor. The Corporate Debtor had issued non-convertible debentures, and a Debenture Trustee Agreement was entered into between the Corporate Debtor and Respondent No. 1. The appellant argues that the CIRP initiation was flawed due to non-compliance with the Debenture Trust Deed conditions and limitation issues.
Coffee Day Enterprises Limited (CDEL) is a holding company of Cafe Coffee Day Group, incorporated in 1996. In March 2019, CDEL proposed issuing non-convertible debentures aggregating to INR 200,00,00,000. On 22.03.2019, a Debenture Trustee Agreement was entered into between CDEL and IDBI Trusteeship Services Limited (Respondent No. 1), appointing Respondent No. 1 as the Debenture Trustee. Investors like Credit Opportunities II Private Limited and Indian Special Situation Schemes subscribed to these debentures. Following the death of Mr. V.G. Siddhartha on 29.07.2019, Ms. Malavika Hegde (Appellant) took steps to revive the company. Respondent No. 1 issued a notice of default on 28.07.2020, and a notice of sale of pledged shares on 01.03.2021. Respondent No. 1 filed an
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Coffee Day Ent…
Corporate Debtor proposed to issue an…
The case involves a Company Appeal filed by Malavika Hegde, a shareholder and director of Coffee Day Enterprises Ltd. (Corporate Debtor), against an order passed in Company Petition (IB) No. 152/BB/2023 by the NCLT, Bengaluru Bench, which admitted the Corporate Debtor into CIRP under Section 7 of the I&B Code, 2016. The petition was initiated by IDBI Trusteeship Services Limited, a Financial Creditor. The Corporate Debtor had issued non-convertible debentures, and a Debenture Trustee Agreement was entered into between the Corporate Debtor and Respondent No. 1. The appellant argues that the CIRP initiation was flawed due to non-compliance with the Debenture Trust Deed conditions and limitation issues.
Coffee Day Enterprises Limited (CDEL) is a holding company of Cafe Coffee Day Group, incorporated in 1996. In March 2019, CDEL proposed issuing non-convertible debentures aggregating to INR 200,00,00,000. On 22.03.2019, a Debenture Trustee Agreement was entered into between CDEL and IDBI Trusteeship Services Limited (Respondent No. 1), appointing Respondent No. 1 as the Debenture Trustee. Investors like Credit Opportunities II Private Limited and Indian Special Situation Schemes subscribed to these debentures. Following the death of Mr. V.G. Siddhartha on 29.07.2019, Ms. Malavika Hegde (Appellant) took steps to revive the company. Respondent No. 1 issued a notice of default on 28.07.2020, and a notice of sale of pledged shares on 01.03.2021. Respondent No. 1 filed an
…Coffee Day Ent…
Corporate Debtor proposed to issue an…