Dalmia Bharat Cement subsidiary faces insolvency petition over alleged non-payment to creditor

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Mauritius: Private Infrastructure Development Group (PIDG)’s subsidiary GuarantCo has filed an insolvency petition against Dalmia Bharat Cement’s subsidiary Calcom Cement India for the alleged non-payment of US$27.5m. The Financial Express has reported that GuarantCo was the guarantor for various loans which Calcom obtained from Indian banks in 2007. A Dalmia spokesperson has stated that the procedures are intended “to put pressure on Calcom Cement,” which “has not committed any default in making payments to GuarantCo.”

Last modified on 16 October 2019

URL: https://globalcement.com/news/item/9967-dalmia-bharat-cement-subsidiary-faces-insolvency-petition-over-alleged-non-payment-to-creditor

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