HCL subsidiary loses court challenge on 13.41 Crore arbitration award
HCL-INSYS · price
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HCL Infotech, wholly owned subsidiary of HCL Infosystems, received an unfavorable judgment from the Principal District Judge, Muzaffarpur, in a case filed by Uttar Bihar Gramin Bank. The court allowed UBGB's petition challenging a 2019 arbitral award that had favored HCL with claims of about 13.41 Crore plus 18 percent interest and 20 lakh costs. HCL says claims independent of the termination issue remain unaffected. The company calls the ruling ambiguous and plans to approach the Patna High Court.
Negative for subsidiary. A favorable 13.41 Crore arbitral award is partly set aside. HCL will appeal at Patna High Court, outcome remains uncertain.