New Delhi, March 3 -- Shares of Coffee Day Enterprises Ltd (CDEL) surged to their 20 percent upper circuit limit of Rs.25.65 in intra-day trading on Monday, March 3, after the National Company Law Appellate Tribunal (NCLAT) dismissed insolvency proceedings against the company. The case, filed by IDBI Trusteeship Services over an alleged Rs.228 crore default, was set aside by a two-member bench of NCLAT's Chennai panel, providing significant relief to the company that operates the Cafe Coffee Day chain.

The NCLAT bench, comprising Justices Sharad Kumar Sharma and Jatindranath Swain, overruled the earlier decision made by the Bengaluru bench of the National Company Law Tribunal (NCLT). The order came in response to a petition by Malavika H...