DIC India Limited has informed the Exchange about mediation proceedings before the Delhi High Court Mediation and Conciliation Centre
DICIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
DIC India has filed a fresh commercial suit in the District Courts of New Delhi against Star Plastics to recover INR 60,62,333 (including penalty and interest). This comes after a prior arbitration settlement in which Star Plastics had agreed to pay INR 56,94,833 to the company, but only paid INR 2,50,000 and then defaulted on the balance. The earlier arbitration proceedings before the Indian Council of Arbitration (ICA) had been closed following the initial settlement, and mediation before the Delhi High Court Mediation Centre was also pursued. With the counterparty failing to honour the settlement, DIC India has now resorted to a fresh lawsuit to enforce the recovery.
The disputed amount is relatively small and unlikely to materially impact DIC India's overall financials, but the default signals weak recoverability and may result in a write-off if the suit does not yield payment. Investors should track updates on the case, though the stock is unlikely to react significantly.