Latest News | IRB Infra Receives Part Payment of Arbitration Award from NHAI

New Delhi, Jun 22 (PTI) IRB Infrastructure Developers Ltd on Wednesday said it has received Rs 308 crore towards part payment of an arbitration award from the National Highway Authority of India (NHAI).

IRB Infrastructure, in a statement, said IRB Pathankot Amritsar Toll Road Ltd (IPTRL), a special purpose vehicle (SPV) of IRB InvIT Fund, had in July 2021 won the arbitration award of 518 days extension in concession period and Rs 419 crore (including interest) towards the delay in completion of the project on account of reasons not attributable to the company.

Also Read | Jammu and Kashmir: Flash Floods, Landslides Due to Heavy Rains and Snowfall; Schools Shut In Several Districts; Jhelum Crosses Danger Mark in Anantnag.

The NHAI had challenged the decision before the Delhi High Court.

The high court, while upholding the arbitral tribunal's decision, had directed the NHAI to release 75 per cent of the arbitration award to the company, it added.

Also Read | Xiaomi Mi Smart Band 7 With Always-on-Display, 14 Days of Battery Life Launched.

The part award is in line with directives of the Cabinet Committee on Economic Affairs directing the government agencies to pay 75 per cent of the arbitration against bank guarantee.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)