Reliance Infrastructure grabs arbitration award worth Rs 16.14 crore
Reliance Infrastructure (RInfra) on Tuesday said that it has won an arbitration award worth Rs 16.14 crore against the National Highway Authority of India (NHAI).
The tribunal ordered NHAI to pay the amount by February 10, 2019, RInfra said in a statement, failing which the authority would have to pay interest of 12 per cent per annum on the amount.
"The need for current arbitration arose due to cost over-run in consultant fees during construction, delayed payment of grant and additional expenses due to change in law on TD Toll Road Private Limited (TD Toll Road), a wholly owned subsidiary of RInfra, which NHAI did not reimburse as per the terms of the Concession Agreement," the statement said.
"The contention of TD Toll Road that the project suffered cost over-run in Consultant fees during construction, delayed payment of grant and additional expenses due to change in Law was upheld by the tribunal."
According to the statement, with this win, Reliance Infrastructure has won a total of six arbitration awards amounting to Rs 6,300 crore in cases of DMRC, Goa Power Plant and NHAI Roads.
"In addition, Reliance Infrastructure has over Rs. 8,000 crores of claims under advanced stages of arbitration for EPC (Engineering, Procurement and Construction) projects, Mumbai Metro and roads," the statement said.
(With inputs from agencies.)