Arbitral Award In Favour Of Company Worth 3.40 Crore
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The company won an arbitration case against IRCON International Limited. The Sole Arbitrator awarded 3.40 crore in the company's favour, covering refund of bank guarantee, retention money and interest. The dispute related to track linking works for the Katni-Singrauli railway doubling project. IRCON must pay within four months, or 17.25 percent annual interest will apply from expiry.
Positive for company. 3.40 crore inflow expected from IRCON within 4 months, plus 17.25 percent interest if delayed.