Ceigall India's Arbitration Victory Reinforces Credibility

Ceigall India has been awarded Rs 6.61 crore plus future interest in an arbitration case related to a construction project. This decision, which includes the release of a bank guarantee, bolsters the company's financial standing and reputation in engineering and infrastructure development.

On Friday, engineering firm Ceigall India announced it had secured a significant arbitration award of Rs 6.61 crore, along with a future interest of 12 percent, from an arbitral tribunal.

Besides the financial award, the tribunal directed the Punjab Public Works Department to release a Rs 80 lakh Bank Guarantee previously provided by Ceigall India, according to a company statement.

This award pertains to a project involving the construction of infrastructure at the Interim Airport Terminal in Halwara IAF Station, Ludhiana. Ceigall's chairman expressed confidence that this legal triumph would enhance the company's financial health and demonstrate their capability in managing complex infrastructure projects.

(With inputs from agencies.)