Travel Food Services Limited has informed the Exchange regarding 'Regulation 30 -Update'.
TRAVELFOOD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Hon'ble High Court of Delhi passed an order on April 6, 2026 (received April 12, 2026) allowing Airport Authority of India's petition under Section 34 of the Arbitration Act. The Court set aside the arbitral award dated September 26, 2022 that had been in favor of the Company. The Court held that the unilateral appointment of the arbitrator by AAI was 'void ab initio', rendering the arbitral award a 'nullity'. The Company's execution application filed in April 2024 to enforce the arbitral award has also been disposed as infructuous. The Company is assessing implications and evaluating next steps with legal advisors.
Negative for shareholders — the Company has lost a major arbitration challenge, losing access to amounts awarded in the 2022 arbitral award. This creates uncertainty around potential refunds of deposits and future operations at Goa Airport.