The financial creditor further alleged that the last payments it received were Rs 4.76 crore each made in June and July this year.
“However, these payments are insufficient to cover the principal instalments overdue and also do not include the interest as agreed between the Financial Creditor and Corporate Debtor pursuant to the MOU, the Joint Application to RBI and also as directed by RBI,” the application filed in the NCLT
A Dalmia Cement spokesperson, however, said that Calcom Cement has not committed any default in making payments to GuarantCo.
“It may be noted that 100 per cent of Calcom's outstanding bank loans of over Rs 500 crore have also been paid before time. On two previous occasions, the RBI had rejected GuarantCo’s application. However after Calcom’s efforts, their third application was approved after RBI capped the payment that could be made to GuarantCo," the spokesperson said. He added that Guarantco was demanding more payments on different counts which are neither in consonance with the RBI approval, nor have been agreed by Calcom. He claimed the financial creditor was using IBC only to put pressure.
Interestingly, Calcom’s parent, Dalmia Bharat had fought bitterly with UltraTech over the acquisition of Binani Cement, which it ultimately lost in the Supreme Court.