As per the said order, the Bank Guarantee furnished by VPRPL-KSIPL BKN JV shall not be en-cashed till the next date of hearing.
VPRPL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The company through its joint venture VPRPL-KSIPL BKN JV has received a favorable court order from Rajasthan High Court Jodhpur (SB Civil Writ Petition No. 10651/2026). The order prevents the encashment of a bank guarantee worth INR 191.215 million and a security deposit of INR 8.257 million until the next hearing. This relates to the termination of a contract for the major upgradation of Bikaner Railway Station by North Western Railway. The company had filed a writ petition challenging the contract rescission and seeking protection from bank guarantee encashment. As a result of the stay, the financial implication is currently NIL.
Positive for shareholders as the court stay protects the company from a potential loss of nearly INR 200 million. However, the case is still pending and the bank guarantee remains at risk until final resolution.