India Glycols Limited Files Application for Pre-Institution Mediation over Insurance Claim
India Glycols Limited has filed an application for Pre-Institution Mediation and Settlement before the Delhi High Court. The legal action concerns the recovery of a significant claim against The New India Assurance Co. Limited.The dispute originated from an insurance policy issued by The New India Assurance Co. Limited to the company, which covered property damage, machinery breakdown, and consequential business interruption at various plant locations of India Glycols.
In 2020, the company filed a claim with the insurer regarding damaged machinery and equipment at the Kashipur Plant, which was covered under the said insurance policy. However, the claim was subsequently rejected by The New India Assurance Co. Limited. Despite the company submitting the requisite documents and information to facilitate a reassessment, the insurer reportedly repudiated the claim multiple times, resulting in no claim amount being paid to the company.
Based on the company's assessment and legal counsel, India Glycols Limited believes it has a strong case on merits. Consequently, the company has initiated steps to challenge the repudiation before the Delhi High Court.
The core of the dispute involves the recovery of a claim totaling Rs. 79.76 Crore (Rupees Seventy-Nine Crore Seventy Six Lakh). This amount represents the recovery sought for material damage and loss of profit, along with accrued interest.
The following table summarizes the details of the dispute and the legal proceedings initiated by India Glycols Limited:
| Detail | Information |
|---|---|
| Opposing Party | The New India Assurance Co. Limited ('Insurance Company') |
| Court/Agency | Delhi High Court Legal Services Committee, Delhi High Court, New Delhi |
| Date of Filing | May 21, 2026 |
| Quantum of Claim | Rs. 79.76 Crore |
| Purpose of Application | Pre-Institution Mediation and Settlement |
The company stated that if the application is decided in its favor, it would receive the full claim amount or any other amount determined during the judicial process.
INDIAGLYCO Stock Price Movement
Shares of India Glycols Limited slipped by 0.18% on Thursday, settling at ₹997.2 in the session. The stock traded on a volume of 96,191 shares, having ranged between a low of ₹991 and a high of ₹1038.3 during the day.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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