GuarantCo moves NCLT to declare Dalmia Bharat arm insolvent after default

Calcom Cement denies default, says financial creditor is using IBC only to put pressure

GuarantCo Ltd has moved the Guwahati bench of the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against Calcom Cement, a Dalmia Cement subsidiary, after it failed to repay the financial creditor dues of over Rs 100 crore.

According to the application filed by Mauritius-based GuarantCo Ltd, Calcom had approached it sometime in 2007, to stand as guarantor for various loan facilities which the Dalmia arm had availed from Axis Bank and HDFC Bank. The financial creditor had consented, and an agreement was drawn, in which conditions were laid under which Calcom would reimburse and indemnify GuarantCo in respect to