RKEC Projects Limited has informed the Exchange about Action(s) taken or orders passed
RKEC · price
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RKEC Projects has won an arbitration case filed against its client M/s. Honnavar Port Private Limited (HPPL) for continuous breach of contract. The arbitrator awarded Rs. 10.71 Crore in favour of the company, plus 9% interest accrued from the start of the arbitration proceedings until the date of the award, bringing the total recoverable amount to Rs. 12.23 Crore as on date. Additionally, if HPPL fails to pay within 90 days of the award, further interest at 9% per annum will apply. The arbitration was initiated by the company after HPPL repeatedly defaulted on contractual obligations.
This is a positive development for RKEC Projects as it strengthens its case for recovering dues from HPPL, potentially improving cash flows. However, the actual realization depends on HPPL's ability and willingness to pay, and any further appeal or delay could affect timely recovery.