24 News Hour-News Matters
24 News Hour-News Matters
  • Home
  • Business
  • Education
  • Entertainment
  • News Update
  • Others
    • Technology
    • Health & Lifestyle
  • Privacy Policy
  1. Home
  2. Business
  3. IRB Infra receives 75% of the Arbitration Award of Rs. 419Crores from IRB Pathankot Amritsar Toll Road Ltd., an SPV of IRB InvIT Fund
Business

IRB Infra receives 75% of the Arbitration Award of Rs. 419Crores from IRB Pathankot Amritsar Toll Road Ltd., an SPV of IRB InvIT Fund

Mumbai, June 24, 2022: IRB Infrastructure Developers Ltd., India’s first multinational infrastructure player in the highways development sector, has received Rs. 308 Crores towards part payment i.e., 75% of the total Arbitration Award from the National Highway Authority of India (NHAI).

Commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “We deeply appreciate the steps taken by the Cabinet Committee on Economic Affairs for providing interim cashflow access to developers in clear award scenarios till a final verdict is closed.” He further added,“Huge opportunities are lined up in the sector and we look forward to participating and investing in the same to our best capabilities.”

Earlier, pursuant to the measures approved by the Cabinet Committee on Economic Affairs (CCEA) for revival of construction sector, it had directed the Government Agencies to pay 75% of Arbitral Award amount against the Bank Guarantee where Government Agencies have challenged the Arbitral Award.

To re-iterate, in July 2021, the IRB Pathankot Amritsar Toll Road Ltd. (IPTRL) had won the arbitration award of 518 days extension in Concession period andRs.419 Crores (includingInterest) towards the delay in completion of the construction of the project on account of the reasons not attributable to the Company. The NHAI had challenged the decision before Delhi High Court. The Hon’ble Delhi High Court, while upholdingthe Arbitral Tribunal’s decision, had directed the NHAI to release 75% of the arbitration award to the Company.  

Previous post
Next post

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Eureka Forbes onboards Shraddha Kapoor to champion a cleaner, healthier India
  • JEE Advanced 2025: Chapter-Wise High-Weightage Topics and Revision Strategies to Crack the Hardest Engineering Entrance
  • Godrej refrigerators lean on AI and design to elevate consumer experience
  • Rajasthan’s Rising Stars: How the Indus International Tournament is Fueling Grassroots Esports Dreams
  • ISRL SEASON 2 SEES RECORD RE-REGISTRATIONS FROM INTERNATIONAL SUPERCROSS LEGENDS
Latest News
Business

Eureka Forbes onboards Shraddha Kapoor to champion a cleaner, healthier

May 17, 2025
Education

JEE Advanced 2025: Chapter-Wise High-Weightage Topics and Revision Strategies to

May 17, 2025
Business

Godrej refrigerators lean on AI and design to elevate consumer

May 17, 2025
Sports

Rajasthan’s Rising Stars: How the Indus International Tournament is Fueling

May 17, 2025
Copyright © 2025 Qoxag. All Right Reserved.