HCC wins arbitral award worth Rs 200 crore against Ircon International

HCC wins arbitral award worth Rs 200 crore against Ircon International

FPJ Web DeskUpdated: Friday, April 09, 2021, 10:12 AM IST
article-image
Hindustan Construction Company wins arbitral award worth Rs 200 crore against Ircon International | Representational Image

Ajit Gulabchand-led Hindustan Construction Company (HCC) has won an arbitral award worth Rs 200 crore against state-owned Ircon International. The tribunal also stated that the termination of the contract between the parties by Ircon was invalid. In addition, the New-Delhi-based tribunal also rejected Ircon’s claim of Rs 419 crore.

On March 31, 2021, the tribunal passed a majority award holding that the termination of the contract by Ircon was invalid. A total amount of Rs 198 crore (approximately) was awarded in favour of HCC along with post-award interest at the rate of 15.75 per cent per annum.

The tribunal also awarded an amount of about Rs 1.31 crore as arbitration costs, it was stated by the law firm JSA. The JSA team comprising Dhirendra Negi, Partner and Pragya Chauhan, Principal Associate represented HCC at the tribunal.

HCC dragged Ircon International to an arbitral tribunal comprising of Justice (Retired) Badar Durrez Ahmad, Suresh Kumar and Bhuvnesh Prakash Khare over the termination of the contract.

This dispute is about the contract for construction of a 10-km-long railway tunnel (T-48) on the Dharam-Qazigund section of the Udhampur-Srinagar-Baramulla New BG Railway Line Project. This contract was worth Rs 884 crore. It was terminated by Ircon on the ground of slow progress of works by HCC.

RECENT STORIES

Amazon India, Flipkart Must Remove Products Infringing Reliance, Jio Trademarks: Delhi High Court

Amazon India, Flipkart Must Remove Products Infringing Reliance, Jio Trademarks: Delhi High Court

India, EU To Hold Next Round Of Free Trade Agreement Talks In September

India, EU To Hold Next Round Of Free Trade Agreement Talks In September

ICICI Prudential Life Q1 FY26 Profit Falls 21.8% QoQ, Premium Income Drops 48%

ICICI Prudential Life Q1 FY26 Profit Falls 21.8% QoQ, Premium Income Drops 48%

Gold Dips By ₹200 To ₹99,370 Per 10g, Silver Drops Sharply By ₹3,000 To Rs 1.12 Lakh/Kg

Gold Dips By ₹200 To ₹99,370 Per 10g, Silver Drops Sharply By ₹3,000 To Rs 1.12 Lakh/Kg

Exports Steady At USD 35.14 Bn In June, Trade Deficit Narrows To 4-Month Low Of USD 18.78 Bn

Exports Steady At USD 35.14 Bn In June, Trade Deficit Narrows To 4-Month Low Of USD 18.78 Bn