New Delhi, Feb. 27 -- The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Cafe Coffee Day (CCD), dismissing a bankruptcy plea filed by IDBI Trusteeship over an alleged Rs.228 crore default.

The ruling came in response to a petition by Malavika Hegde, a shareholder and director at CDEL, challenging the National Company Law Tribunal's (NCLT) 8 August 2024 order, which had admitted IDBI Trusteeship's insolvency plea against the company.

NCLAT had already provided interim relief by staying the proceedings on 14 August 2024. However, the proceedings had resumed as the NCLAT was unable to pass its final order within the Supreme Court'...