Rabobank's insolvency petition against Coffee Day Global dismissed

The National Company Law Tribunal (NCLT) has dismissed Rabobank's plea to initiate insolvency proceedings against Coffee Day Global, which operates the nationwide chain of Cafe Coffee Day outlets. The Bengaluru bench of NCLT comprising Justice Ajay Kumar Vatsavayi and member technical Manoj Kumar Dubey questioned the intent of Rabobank's petition. It noted that a debt resolution process for Coffee Day Global was ongoing and the company was trying to sell its coffee vending business, which operates kiosks in offices to repay creditors.