Vishnu Prakash R Punglia Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
VPRPL · price
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Vishnu Prakash R Punglia Limited's joint venture VPRPL-KSIPL BKN JV has received a court order from Rajasthan High Court Jodhpur staying the encashment of a bank guarantee worth INR 191.215 million and security deposit of INR 8.257 million. The dispute arose from North Western Railway's termination of the contract for major upgradation of Bikaner Railway Station. The company had filed a writ petition challenging the contract rescission and requesting the court to prevent the department from encashing the bank guarantee. The court has now granted interim relief, restraining encashment till the next hearing date. Financial implication is NIL as the encashment is presently stayed by the court.
The court stay protects the company from potential INR 199.472 million loss (bank guarantee + security deposit). However, the underlying contract dispute remains unresolved and will continue through the judicial process.