The Chennai bench of the National Company Law Tribunal (NCLAT) last week halted the admission of IndusInd Bank's plea against Coffee Day Global, a subsidiary of the listed Coffee Day Enterprises (CDEL), by the NCLT Bengaluru, till September 20.
What this means for CCD is that it gets some more time at a time when it has swung into the black after struggling for the last few years, since the tragic demise of its founder VG Siddhartha in 2019. Coffee Day Global posted a net profit of ₹24.57 crore for the June quarter of 2023-24 (FY24) versus a net loss of ₹11.73 crore reported in the same period last year. Revenue from operations stood at ₹223.20 crore in the quarter under review, a growth of nearly 18% versus the year-ago period, CDEL results for Coffee Day Global showed.
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