Coffee Day Enterprises Ltd, which is the parent organization of Cafe Coffee Day (CCD), said yesterday that it has defaulted a total of ?479.68 crore on repayment of loans as well as unlisted debt securities in the recently concluded quarter that ended last week on March 31, 2022.
In a regulatory filing, the parent company of Indian multinational coffeehouse chain CCD, whose founder V G Siddhartha died by suicide in July 2019, said it has defaulted ? 224.88 crore on repayment of loans or revolving facilities like cash credit from banks and financial institutions, along with default in interest amount for the same at ? 5.78 crore, as per a report in PTI.
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There has been a default of ? 200 crore on payments of unlisted debt securities, including non-convertible debentures and non-convertible redeemable preference shares, the parent company said.
Also, the default on the payment of interest of the debt securities was ?49.02 crore in the quarter, it further added.
After posting a net loss of ?110.41 crore in December quarter of 202, CCD¡¯s parent company Coffee Day Enterprises had reported a consolidated net profit of ? 18.80 crore a year later, for the third quarter that ended on December 31, 2021.
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Yesterday itself, the National Company Law Tribunal (NCLT) Bengaluru¡¯s bench had reportedly dismissed the insolvency petition filed against the parent company of Cafe Coffee Day by Cooperative Rabobank U.A.?
For the uninitiated, Rabobank is a registered overseas company in Hongkong that had extended two loan facilities of ? 330.66 Crores to Coffee Day from 29.07.2015 to 27.03.2018. And since mid-2019, Coffee Day had defaulted on various payments due to Rabobank and hence, Rabobank filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Coffee Day for a default of ? 109.79 Crores as on 06.01.2021.
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