Reliance Infrastructure wins arbitration award against National Highway Authority of India

Reliance Infrastructure wins arbitration award against National Highway Authority of India

AgenciesUpdated: Wednesday, May 29, 2019, 04:46 AM IST
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New Delhi: Reliance Infrastructure (RInfra) said on Tuesday it has won Rs 16.14 crore arbitration award against the National Highway Authority of India (NHAI).  “A three-member arbitration tribunal in its unanimous award on November 12, 2018 has asked NHAI to pay Rs 16.14 crore by February 10, 2019 to Reliance Infrastructure. NHAI will have to pay interest @12 per cent pa on the amount if they do not pay Rs 16.14 crore by the deadline,” RInfra said.

This win is in addition to the Rs 200 crore arbitration award that the three-member arbitration tribunal in its unanimous decision had ordered NHAI to pay to Reliance Infrastructure for the same project in August this year for cost over-run and loss of revenue, the company said.

It said the need for current arbitration arose due to cost over-run in consultant fees during construction, delayed payment of grant and additional expenses due to Change in Law on TD Toll Road (TD Toll Road), a wholly owned subsidiary of Reliance Infrastructure, which NHAI did not reimburse as per the terms of the Concession Agreement.

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