Coffee Day Enterprises' total default at Rs 433.91 cr in Jul-Sep quarter
Coffee Day Enterprises Ltd (CDEL) on Thursday reported a total default on payments of loans' principal and interest amount of Rs 433.91 crore for the September 2023 quarter. This is lower than the June quarter when CDEL had reported a total default of Rs 440.25 crore.
Its «total financial indebtedness of listed entity, including short term and long term debt», is Rs 433.91 crore in the July-September quarter, the company said in a disclosure to bourses on Thursday.
According to CDEL, its total outstanding amount is Rs 189.14 crore from loans or revolving facilities like cash credit from banks or financial institutions.
Of this, CDEL defaulted on Rs 183.36 crore principal amount and an interest payment of Rs 5.78 crore as of date.
The company's total outstanding from unlisted debt securities, such as NCDs and NCRPS, is Rs 244.77 crore.
Of this, the total amount of default as of date is Rs 200 crore along with an interest of Rs 44.77 crore, the company noted.
«Due to default in repayment of interest and principal to the lenders, the lenders have sent 'loan recall' notices to the company as well as initiated legal disputes. In view of the loan recall notices, legal disputes and pending one-time settlement with the lenders, the company has not recognised interest from April 2021,» it added.
Earlier in August, the NCLAT had stayed insolvency proceedings against its subsidiary Coffee Day Global Ltd (CDGL), which owns and operates the popular Cafe Coffee Day chain.
On September 13, 2023, CDGL reached a settlement with its financial creditor IndusInd Bank, following which the NCLAT has set aside an insolvency process against it.
CDEL is trying to pair its debts through asset resolutions and has significantly scaled it
