New Delhi, Coffee Day Enterprises Ltd has reported a total default of Rs 433.91 crore in interest payments and repayment of principal amount on loans from banks, financial institutions and unlisted debt securities like NCD and NCRPS for the quarter being ended June 30, 2024.
Coffee Day Enterprises Ltd (CDEL), which is matching its debts through asset resolution, in a regulatory update said "delay in debt servicing is due to liquidity crisis."
There is no change to the default amount as the company has reported a similar amount in previous quarters. This is because the company does not add interest as of 2021.
"Due to non-payment of interest and principal to the lenders, the lenders issued 'loan recovery' notices to the company and also initiated legal disputes. In view of the pending loan recovery notices, legal disputes and one-time settlements with lenders, the company has not recognized interest since April 2021," he said.
CDEL has reported default of Rs 183.36 crore in repayment of principal amount of loans or revolving facilities as cash credits from banks or financial institutions as on June 30, 2024.
Furthermore, it has also defaulted on interest payment of Rs 5.78 crore on the above, CDEL reported.
While for unlisted debt securities such as NCD (non-convertible debentures) and NCRPS (non-convertible redeemable preference shares), the outstanding default amount is Rs 200 crore as on June 30, 2024, along with a default in interest payment of Rs 44.77 crore on the same.
After the death of founder chairman V G Siddhartha in July 2019, CDEL ran into trouble and settled its debts through asset resolution.
In March 2020, CDEL announced repayment of Rs 1,644 crore to 13 lenders after closing a deal with Blackstone Group to sell its technology business park.
It is also pursuing a legal course to recover over Rs 3,535 crore allegedly siphoned from the company to Mysore Amalgamated Coffee Estates Limited (MACEL), a personal company promoted by its late founder VG Siddhartha.
Coffee Day Enterprises Ltd (CDEL), which is matching its debts through asset resolution, in a regulatory update said "delay in debt servicing is due to liquidity crisis."
There is no change to the default amount as the company has reported a similar amount in previous quarters. This is because the company does not add interest as of 2021.
"Due to non-payment of interest and principal to the lenders, the lenders issued 'loan recovery' notices to the company and also initiated legal disputes. In view of the pending loan recovery notices, legal disputes and one-time settlements with lenders, the company has not recognized interest since April 2021," he said.
CDEL has reported default of Rs 183.36 crore in repayment of principal amount of loans or revolving facilities as cash credits from banks or financial institutions as on June 30, 2024.
Furthermore, it has also defaulted on interest payment of Rs 5.78 crore on the above, CDEL reported.
While for unlisted debt securities such as NCD (non-convertible debentures) and NCRPS (non-convertible redeemable preference shares), the outstanding default amount is Rs 200 crore as on June 30, 2024, along with a default in interest payment of Rs 44.77 crore on the same.
After the death of founder chairman V G Siddhartha in July 2019, CDEL ran into trouble and settled its debts through asset resolution.
In March 2020, CDEL announced repayment of Rs 1,644 crore to 13 lenders after closing a deal with Blackstone Group to sell its technology business park.
It is also pursuing a legal course to recover over Rs 3,535 crore allegedly siphoned from the company to Mysore Amalgamated Coffee Estates Limited (MACEL), a personal company promoted by its late founder VG Siddhartha.
