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The Economic Times

Dredging Corporation tells Delhi HC it faces cash crunch over ₹51-crore Mercator Award; court warns of coercive action

Corporation Mercator MSTC Ports

New Delhi: Dredging Corporation of India, which has a market capitalisation of around Rs 2,900 crore, has told the Delhi High Court that it is facing severe cash-flow constraints and finding it extremely difficult to arrange funds to satisfy the award payable to Mercator Ltd, even as two attempts to sell its Dredger-XI failed.

The disclosure came in an additional affidavit filed by the Corporation in execution proceedings before Justice Om Prakash Shukla. According to Mercator, around Rs 51 crore plus interest remains outstanding.

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