India, Dec. 30 -- Coffee Day Enterprises, the parent company of Cafe Coffee Day, is set to settle its outstanding debt with Axis Bank, as the private sector lender has approved a one-time settlement of Rs70 crore. "Axis Bank Ltd approved for One Time Settlement of the outstanding loan with the company for Rs70 crore," said Coffee Day Enterprises Ltd (CDEL) in a regulatory filing.

As per the one-time settlement, CDEL will pay the entire amount by September 30, 2026. The debt-ridden company is paying its debts through the resolution of assets and other means. After the death of founder Chairman VG Siddhartha in July 2019, CDEL was in trouble due to various reasons.

This includes Rs3,535 crore allegedly siphoned out of the company into Mys...