Shree Digvijay Cement Resolves Dispute with Continuum Green Energy, Arbitral Tribunal Constituted

Shree Digvijay Cement Company Limited has updated on the resolution of a dispute with Continuum Green Energy Limited and CGE Shree Digvijay Cement Green Energy Private Limited. The dispute was in relation to the supply of green power by Continuum through CGE pursuant to a Power Purchase Agreement and a Share Purchase and Share Subscription Agreement. The Petition filed by CGE to initiate corporate insolvency resolution process against the Company was dismissed. The Arbitral Tribunal has been constituted to resolve the dispute. The Company had preferred an Appeal before the Gujarat High Court against the Order of the District Commercial Court, which was disposed of. The Hon’ble Gujarat High Court passed orders appointing nominee Arbitrators and granting interim relief. The Company has deposited INR 9 crores before the Hon’ble High Court towards past dues claimed by CGE for supply of electricity. The amount claimed by both parties is not material and will not impact the operation and financial position of the Company.