National Company Law Tribunal has appointed Shailendra Ajmera, backed by EY, as the resolution professional (RP) for Coffee Day Global, as stated in an order uploaded on its website.
Coffee Day Global company has been admitted for insolvency proceedings by the bankruptcy court upon the request of IndusInd Bank. The bank filed a claim in court asserting that the company had defaulted on term loans amounting to INR 115 crore, which were disbursed to them in 2019.
Read More: Coffee Day Global enters bankruptcy proceedings following NCLT’s decision
Ajmera is also serving as the resolution professional for Go First, the insolvent airline of the Wadia group.
Coffee Day Global encompasses the extensive retail outlet network, Xpress cafés, and the group’s office vending business, all of which were established by the late VG Siddhartha.
Coffee Day Global is predominantly owned (82%) by Coffee Day Enterprises, a publicly listed entity.
