Business Update18 Apr 2024, 12:08 am
JSW Energy Wins Arbitration Case Against TANGEDCO, Recovers Rs. 120 Crores
AI Summary
JSW Energy Ltd has won an arbitration case against Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) regarding a Power Purchase Agreement. The Arbitral Tribunal has allowed JSW Energy's claim for recovery of Rs. 120 Crores from TANGEDCO, along with 9% interest from the date of wrongful encashment. TANGEDCO's counterclaim for recovery of Rs. 118 Crores as penalty and Rs. 200 Crores towards termination charges was rejected.
Key Highlights
- JSW Energy wins arbitration case against TANGEDCO
- Recovers Rs. 120 Crores plus 9% interest
- TANGEDCO's penalty claim and termination charges rejected