GuarantCo, Dalmia Cement settle dispute over Calcom repayment of dues

GuarantCo Ltd, part of the Private Infrastructure Development Group (PIDG) and Dalmia Cement on Wednesday said they have settled disputes over Calcom Cement India's repayment of dues.

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.

"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.

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In 2012, GuarantCo initiated legal action against Calcom, which was later withdrawn after an MoU was signed between the two on repayment of the dues.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.