Reliance Infra Wins Rs 405 Crore Arbitration Award
ECONOMY & POLICY

Reliance Infra Wins Rs 405 Crore Arbitration Award

Reliance Infrastructure, a subsidiary of the Reliance-Anil Ambani group, has won a Rs 405 crore arbitration award after the Calcutta High Court ruled in its favor in a dispute with West Bengal-based Damodar Valley Corp (DVC).

The overall award is worth around Rs 1,354 crore, including a bank guarantee of Rs 354 crore provided by DVC, a public sector enterprise. DVC had previously released the bank guarantee and paid the business Rs 595 crore.

Rel Infra was awarded a contract to build a thermal power plant in Raghunathpur, West Bengal, for Rs 3,750 crore more than ten years ago. DVC sought damages from Rel Infra after the project experienced multiple disagreements and delays. Rel Infra, on the other hand, disputed this, and an arbitration tribunal sided with the firm. Following multiple rounds of judicial proceedings, Rel Infra is now scheduled to get the remaining Rs 405 crore from DVC.

In a filing with BSE, Rel Infra said the HC, ?except for certain issues, has upheld the majority of the award to the extent of Rs 1,354 crore, including interest till date and includes bank guarantees of Rs 354 crore which were returned by DVC to the company at the direction of the Arbitral Tribunal.?

According to the company's statement, Rel Infra is reviewing the verdict and will take appropriate action.

Reliance Infrastructure, a subsidiary of the Reliance-Anil Ambani group, has won a Rs 405 crore arbitration award after the Calcutta High Court ruled in its favor in a dispute with West Bengal-based Damodar Valley Corp (DVC). The overall award is worth around Rs 1,354 crore, including a bank guarantee of Rs 354 crore provided by DVC, a public sector enterprise. DVC had previously released the bank guarantee and paid the business Rs 595 crore. Rel Infra was awarded a contract to build a thermal power plant in Raghunathpur, West Bengal, for Rs 3,750 crore more than ten years ago. DVC sought damages from Rel Infra after the project experienced multiple disagreements and delays. Rel Infra, on the other hand, disputed this, and an arbitration tribunal sided with the firm. Following multiple rounds of judicial proceedings, Rel Infra is now scheduled to get the remaining Rs 405 crore from DVC. In a filing with BSE, Rel Infra said the HC, ?except for certain issues, has upheld the majority of the award to the extent of Rs 1,354 crore, including interest till date and includes bank guarantees of Rs 354 crore which were returned by DVC to the company at the direction of the Arbitral Tribunal.? According to the company's statement, Rel Infra is reviewing the verdict and will take appropriate action.

Next Story
Technology

BBMP Pledges Faster E-Khata Processing Amid Citizen Complaints

Facing mounting complaints over delays in e-khata issuance, the Bruhat Bengaluru Mahanagara Palike (BBMP) has promised to resolve the issue within 10 days. BBMP Chief Commissioner Tushar Giri Nath assured citizens that efforts are underway to expedite processing rates from the current 2,000 to a target of 10,000–15,000 applications daily. "We have cleared 90% of the 90,000 pending applications, leaving only 4,500 to process. To meet the demand, over 800 additional staff and assistant revenue officers (AROs) have been deployed to manage applications in each ward," Nath stated. Persistent Dela..

Next Story
Real Estate

Delhi HC Orders DDA to Assist CBI in Housing Lapses Probe

The Delhi High Court has instructed the Delhi Development Authority (DDA) to fully cooperate with the Central Bureau of Investigation (CBI) in its probe into alleged lapses in the construction of 336 high-rise HIG/MIG houses at Signature View Apartments, north Delhi. Justice Chandra Dhari Singh emphasized that DDA must furnish information about any internal inquiry and the officials involved to facilitate the investigation. The court noted CBI’s submission that DDA had not responded to multiple reminders since July, delaying the probe. The CBI is investigating allegations of "cheating, crimi..

Next Story
Infrastructure Urban

Mahindra Lifespace to Appeal Tamil Nadu GST Tax Demand

Mahindra Lifespace Developers Ltd has announced a tax demand of Rs 20.9 million imposed by the Tamil Nadu GST department, including interest and penalties. The order, issued by the Assistant Commissioner of State Tax, Chengalpattu, cites an alleged shortfall in GST payments under Section 74 of the GST Act, 2017. The realty firm refuted the allegations, stating, “Based on the company's assessment, there is no noncompliance, and a general penalty has been imposed.” The company plans to appeal the order, expressing confidence in a favorable resolution. Mahindra Lifespace assured stakeholders ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000