New Delhi, March 19 -- Coffee Day Enterprises Ltd (CDEL) has negotiated a Rs.205-crore settlement with Ares SSG Capital Management to be paid over three years , after the National Company Law Appellate Tribunal (NCLAT) set aside bankruptcy proceedings against the operator of coffee chain Cafe Coffee Day on 27 February.

A part of this settlement hinges on the coffee chain achieving certain parameters linked to higher earnings before interest, taxes, depreciation and amortization (Ebitda) over the next three years, two people familiar with the development said.

CDEL told the exchanges on Monday that the company's board had approved a settlement of Rs.205 crore with IDBI Trusteeship.

IDBI managed two of Ares SSG Capital Management's funds...