GuarantCo Ltd, part of the Private Infrastructure Development Group (PIDG) and Dalmia Cement on Wednesday said they have “amicably settled and resolved” disputes over Calcom Cement India’s repayment of dues.
The two companies, however, did not share details of the settlement agreement.
Mauritius-based GuarantCo had moved the National Company Law Tribunal (NCLT), claiming that Calcom — in which Dalmia Cement holds 75-per cent stake — failed to repay dues of around Rs 100 crore.
Sources said the agreement entailed an amount “under Rs 100 crore” from Calcom.
“GurantCo and Calcom jointly declare that they have since amicably settled and resolved all the claims, counterclaims between them, which are the subject matter of the petition before the Guwahati Bench of the National Company Law Tribunal,” a joint statement said.
As part of the settlement agreement, the two sides shall not claim or raise any dispute against each other relating to the issue, it said.
“The parties are taking requisite steps for completion of formalities for withdrawal of the petition before the NCLT, Guwahati,” it added.
In 2008, GuarantCo had guaranteed a loan availed by Calcom from Axis Bank and HDFC Bank.
In 2012, GuarantCo initiated legal action against Calcom, which was later withdrawn after an MoU was signed between the two on repayment of the dues.
However, the company had later claimed that Calcom failed to honour the terms of the MoU.
On January 29 this year, the Guwahati bench of the NCLT admitted the petition and ordered to initiate “corporate insolvency resolution process in respect of Calcom Cement”.
Following the directive, Dalmia Cement had said it would move the National Company Law Appellate Tribunal against NCLT-Guwahati for admitting the petition against its subsidiary.
