INDIAGLYCO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Glycols Ltd has filed an application for Pre-Institution Mediation and Settlement before Delhi High Court Legal Services Committee to recover a claim of Rs. 79.76 Crore from The New India Assurance Co. Limited. The dispute originates from an insurance claim filed in 2020 for damaged machinery and equipment at the company's Kashipur Plant, which was covered under a policy covering property damage, machinery breakdown, and business interruption. Despite repeated representations and submissions of required documents, the insurance company repudiated the claim multiple times. Based on legal assessment, the company believes it has a strong case and is now pursuing recovery of the claim amount along with interest through mediation.
If successful, the company could receive Rs. 79.76 Crore plus interest, which would be a positive financial development. However, since this is only the mediation stage, the outcome remains uncertain and may take time to resolve.