Reliance Infrastructure has gained a main Arbitration Award of Rs. 1,250 crore towards Damodar Valley Corporation (DVC), a Government of India challenge. A 3-member Arbitration Tribunal unanimously gave the award in favour of Reliance Infrastructure on December 21, 2019.
Reliance Infrastructure become the Engineering & Construction contractor for Damodar Valley Corporation’s 2 x six hundred MW Raghunathpur thermal power task in West Bengal commissioned in 2012. The Arbitration Tribunal presented the case in want of Reliance Infrastructure and directed Damodar Valley Corporation to pay Rs. 896 crore and return the Bank Guarantees of Rs. 354 crore inside 4 weeks or pay extra interest, at the price of 15% in step with annum, for any postpone in price past 4 weeks.
Pursuant to the current Niti Aayog round, Reliance Infrastructure will request DVC to pay seventy five% of the Arbitral Award in opposition to Bank Guarantee right now.
The proceeds might be used to pay creditors and decrease the debt of the Company.
Bazaarinformation team has many years of experience, covering the physical and future commodities markets with prominent commodity & equity trading advising which shines further with extensive network to get research from ground levels to generate proper reporting and movements. We are able to get evens out of odds in volatile markets and stockings. ...
