IRB Pathankot Toll Road Ltd (IPATRL) has won an arbitration award against the National Highways Authority of India (NHAI).
IRB Pathankot Toll Road, an SPV under IRB InvIT Fund, manages the Pathankot Amritsar Highway Project.
In an exchange filing on Thursday, IRB Infrastructure Developers (IRB) said that the company acting as the EPC Contractor of IPATRL raised a claim on IPATRL towards time and cost overrun suffered by the Company during construction period on account of reasons not attributable to EPC Contractor.
On the basis of claim, IPATRL had initiated arbitration proceedings against the NHAI before the Hon'ble Arbitration Tribunal for extension of the concession period by 518 days and compensation of Rs 252.25 crore plus interest incurred during the extended period for delay in completion of construction of the project on account of the reasons not attributable to IPATRL, it added.
IPATRL has now informed the company that the Arbitration Tribunal has announced award in favour of IPATRL, the filing said. Further, IPATRL will consult its counsels for enforcement of the said Award and upon receipt, appropriate the same towards the claims of the company as the EPC Contractor while the extension to concession period would entirely accrue to the benefit of IPATRL and the Trust.
IRB Infrastructure Developers Ltd (IRB) is a private toll roads and highways infrastructure developer in India.