GUARANTCO Ltd, part of the Private Infrastructure Development Group (PIDG) and Calcom Cement India Limited (Calcom), a subsidiary of Dalmia Cement (Bharat) Limited have amicably settled and resolved the disputes over Calcom Cement India’s repayment of dues.A petition had been filed under section 7 of Insolvency and Bankruptcy Code, 2016 by GUARANTCO LTD. a Mauritius based entity against...
GUARANTCO Ltd, part of the Private Infrastructure Development Group (PIDG) and Calcom Cement India Limited (Calcom), a subsidiary of Dalmia Cement (Bharat) Limited have amicably settled and resolved the disputes over Calcom Cement India’s repayment of dues.
A petition had been filed under section 7 of Insolvency and Bankruptcy Code, 2016 by GUARANTCO LTD. a Mauritius based entity against Calcom before the Guwahati Bench of the National Company Law Tribunal (NCLT) claiming that Calcom failed to repay dues of around Rs. 100 crore.
On January 29, 2020, the Guwahati bench of the NCLT admitted the petition and ordered to initiate “corporate insolvency resolution process (CIRP) in respect of Calcom Cement". Following the directive, Dalmia Cement had said it would move the National Company Law Appellate Tribunal (NCLAT) against the order of NCLT-Guwahati for admitting the petition against its subsidiary.
In this connection, GUARANTCO and CALCOM have jointly declared that they have since amicably settled and resolved all the claims/counterclaims between them, including all claims/ counterclaims which are the subject matter of the petition before the Guwahati Bench of the NCLT.
According to a joint statement released by the companies, all the claims of the parties stand settled against each other and the parties shall not claim or raise any dispute against each other relating to the subject matter of the above cited petition. The statement further mentioned that the parties are taking requisite steps for completion of formalities for withdrawal of the petition before the NCLT, Guwahati.