New Delhi, Jan 1 (PTI) DCM Ltd on Saturday informed that it has defaulted over the payment of interest and repayment of principal amount on loans taken from banks and financial institutions.
It has defaulted on term loans from State Bank of India, ICICI Bank and HDFC Bank, a regulatory filing from DCM Ltd said.
The default has happened on January 1, 2022, it added. The total default amount is Rs 56 lakh, which includes Rs 10 lakh towards payment of the principal amount and Rs 46 lakh for interest, according to the filing.
DCM Ltd’s total amount outstanding borrowings from banks is Rs 36.76 crore. The company through a restructuring scheme, for which it has sought approval from regulators, has proposed to transfer its Engineering Business Undertaking to DCM Engineering Ltd, known as DCM Tools & Dies, on a going concern basis by way of slump sale. It will also restructure outstanding loans, debts and liabilities pertaining to Engineering Business to improve its serviceability and revive its Engineering Business. PTI KRH BAL BAL
