Cemindia Projects Initiates Arbitration for ₹130 Cr Claim
Cemindia Projects Ltd has initiated arbitration proceedings against the Inland Waterways Authority of India (Ministry of Shipping, Government of India) concerning a contract for an multi-modal IWT Terminal at Haldia, West Bengal. Disputes have arisen over payments for certified and uncertified bills, claims for additional works, prolongation costs, interest on delayed payments, and release of retention money. The company is seeking approximately ₹130 crore, excluding further interest, taxes, and costs. An Arbitration Tribunal has been constituted, comprising Retd. Justice Devi Prasad Singh as Presiding Arbitrator, and Shri Sanjay Kumar and Shri S. Soundararajan as Co-Arbitrators.
Key Highlights
- Cemindia Projects initiates arbitration against Inland Waterways Authority of India.
- Dispute concerns multi-modal IWT Terminal project at Haldia, West Bengal.
- Claim amount is approximately ₹130 crore, excluding interest and costs.
- Arbitration Tribunal has been constituted with a Presiding Arbitrator and two Co-Arbitrators.
Price Impact
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