Deals28 Jan 2024, 09:27 pm
IRB Infrastructure Trust's SPV Wins Arbitration Award of Rs. 17195 Million Against NHAI
AI Summary
IRB Infrastructure Developers Limited has announced that its wholly owned SPV, Yedeshi Aurangabad Tollway Ltd (YATL), has won an arbitration award of Rs. 17,195 million against the National Highways Authority of India (NHAI) for delays attributable to NHAI and certain force majeure events. The arbitration was initiated by YATL based on compensation payable to the EPC Contractor towards time and cost overrun suffered during construction period.,
Key Highlights
- Won arbitration award of Rs. 17,195 million against NHAI
- Extension of concession period by 689 days
- Commercial benefits of the extension to accrue to IRB and YATL